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Comparative Advantage
The ability of an individual, firm, or country to produce a certain good or service at a lower opportunity cost than competitors.
Absolute Advantage
The ability of an individual, firm, or country to produce more of a good or service than competitors using the same amount of resources.
Shoemaking
is the craft or industry involved in the design, production, and repair of shoes, including both traditional techniques and modern manufacturing.
Opportunity Cost
Opportunity cost represents the value of the best alternative that is foregone when making a choice, highlighting the trade-offs involved in any decision.
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