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A student enrolled in a practical/vocational nursing program informs the class that he has a degree in accounting and has lost the position he held for 15 years.This information identifies the student as a
Absolute Advantage
The ability of an entity to produce more of a good or service with the same amount of resources than another entity.
Opportunity Cost
The price paid for not selecting the best available alternative when deciding.
Bushel
A unit of volume that is used primarily in the United States to measure agricultural commodities, equivalent to approximately 35.24 liters.
Comparative Advantage
The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors, enabling beneficial trade.
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