Examlex
Graph the circle.
Comparative Advantage
A principle stating that if a country produces a good at a lower opportunity cost than another, it has a comparative advantage.
Opportunity Costs
The expense incurred from not selecting the subsequent preferable choice when a decision is made.
Comparative Advantage
The ability of a country or entity to produce a good or service at a lower opportunity cost than others, enabling trade benefits.
Production
A process that transforms resources into goods and services.
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