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What is the utility principle?
World Price
The international market price for a product, influenced by global supply and demand.
Domestic Price
The price of goods and services within a country's borders as opposed to international or world prices.
Comparative Advantage
An economic term that refers to an economy's ability to produce goods and services at a lower opportunity cost than that of trade partners.
International Trade
The exchange of goods, services, and capital between countries, driven by comparative advantage and leading to increased economic efficiency.
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