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This theory focuses on the moral character of the decision maker.
Comparative Advantage
The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors.
Benefit From Trade
The advantage gained by countries, entities, or individuals from engaging in international trade, often including access to a wider variety of goods and services.
Absolute Advantage
The ability of an entity to produce a good or service more efficiently than its competitors using the same amount of resources.
Comparative Advantage
A principle that states that a party should specialize in producing goods for which it has the lowest opportunity cost, leading to increased economic efficiency.
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