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Absolute Advantage
The ability of an individual, firm, or country to produce more of a good or service than competitors using the same amount of resources.
Lower Cost
A situation where there is a reduction in the total expense required to produce goods or services.
Exchange Rate
The exchange rate determining the worth of one currency in a different currency.
Comparative Advantage
The ability of an entity to produce a good or service at a lower opportunity cost than others, leading to specialized production and trade benefits.
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