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A large airline calculates that the additional cost of a having a passenger on a flight to the Bahamas as the cost of a bag of peanuts and a soft drink, which totals $1.50, but the airline's price is $600 for potential customers who want to buy vacant seats on the day of the flight.Which economic principle is this airline failing to utilize?
Inward-Oriented Policies
Economic strategies focusing on protecting domestic industries from foreign competition through tariffs and import quotas.
Outward-Oriented Policies
Economic policies aimed at promoting international trade by reducing trade barriers and embracing globalization to stimulate economic growth.
Growth
The increase in the economic output and productivity of a country, measured by its Gross Domestic Product (GDP) over time.
Factors Of Production
The inputs used to produce goods and services
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