Instructions: Identify the Following Terms

question 42

Short Answer

Instructions: Identify the following terms.
Basho

---

Definitions:

Opportunity Cost

The price paid for not selecting the best available alternative when deciding.

Bushel

A unit of volume that is used primarily in the United States to measure agricultural commodities, equivalent to approximately 35.24 liters.

Comparative Advantage

The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors, enabling beneficial trade.

Absolute Advantage

The capacity of a nation, individual, organization, or area to generate a product or offer a service at a cost per unit that is less than what any other party can produce that same good or service for.