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Factor completely.
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Before Trade
Refers to the economic conditions and market structures that exist in a country or region prior to engaging in international trade.
Consumption
Consumption is the action or process of using goods and services to satisfy needs or wants, representing a primary concept in economics related to consumer behavior.
Absolute Advantage
Situation in which Country 1 has an advantage over Country 2 in producing a good because the cost of producing the good in 1 is lower than the cost of producing it in 2.
Comparative Advantage
The ability of an entity to produce a good or service at a lower opportunity cost than another entity, leading to potential gains from trade.
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