Examlex
No matter how careful business is regarding the safety of its products, product liability suits are inevitable.
Comparative Advantage
The ability of a country, individual, or company to produce a good or service at a lower opportunity cost compared to others.
Trade
The act of buying, selling, or exchanging goods and services between people or countries.
Market Failure
Situation in which an unregulated competitive market is inefficient because prices fail to provide proper signals to consumers and producers.
Incomplete Information
A situation in economics where all parties in a transaction do not have full and equal knowledge.
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