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-Public Health Act of 1875
Comparative Advantage
The ability of a country to produce a good or service at a lower opportunity cost than its trading partners.
Fewer Resources
The state of having limited amounts of inputs required to produce goods and services, such as capital, labor, and materials.
Exchange Rates
The worth of a currency when converted into another, establishing the quantity of one currency that can be swapped for another.
Gains from Trade
The net benefits that parties obtain by voluntarily exchanging goods or services in markets.
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