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CASE: You think that Outlook's Quick Parts feature might be of use to you but you are not sure. You turn to your colleague Nan for a brief tutorial.
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.
Opportunity Cost
The sacrifice of potential gains from other possibilities when a specific alternative is opted for.
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