Examlex
The 2 + 2 = 4 approach
Agriculture
The practice of cultivating the soil, growing crops, and raising livestock for food, fiber, and other products.
Production
The process of creating goods and services through the combination of labor, materials, and technology.
Absolute Advantage
Absolute Advantage refers to the capability of a country or entity to produce a good or service more efficiently than its competitors, using fewer resources.
Comparative Advantage
is an economic principle that describes how countries or individuals can gain by specializing in the production of goods they can produce more efficiently compared to others.
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