Examlex
What does P stand for in the following equation?
World Price
The worldwide market rate of a product or service, shaped by the global conditions of supply and demand.
Import
The act of bringing goods or services into one country from another for sale or use, which can impact domestic markets and industries.
Export
The act of selling goods or services produced in one country to another country.
Opportunity Cost
Represents the value of the best alternative that is forgone when a decision is made.
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