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In the United States,which group has the highest infant mortality rate?
Opportunity Cost
The expense incurred by not choosing the second-best option when making a decision or selection.
Comparative Advantage
The capacity of an entity to generate a product or service with a smaller opportunity cost than others.
Absolute Advantage
The capacity of an entity to manufacture a product or provide a service more effectively than its rivals, by utilizing fewer resources.
Comparative Advantage
A principle in economics that asserts a country's ability to produce a good at a lower opportunity cost compared to another country, fostering global trade efficiency.
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