Examlex
What is carrying capacity?
Comparative Advantage
The ability of a country or entity to produce a particular good or service at a lower opportunity cost than others, leading to more efficient international trade.
World Output
The total value of goods and services produced across the globe within a specific time frame, often used to measure the economic performance of the global economy.
Self-Sufficient
Refers to an individual, household, or community that has the capacity to fulfill all its needs without external assistance.
Resource Endowments
Resource endowments refer to the natural resources a country has available for use and trade, influencing its economic structure and development potential.
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