Examlex
How would reduced use of fossil fuels reduce global warming?
Comparative Advantage
Being able to manufacture a good or provide a service with a smaller opportunity cost than that of competing individuals, companies, or nations.
Absolute Advantage
The capacity of an entity to create a product or offer a service more effectively than its rivals, utilizing fewer resources.
Absolute Advantage
A country's ability to produce a certain good more efficiently than another country can.
Comparative Advantage
The ability of an entity to produce a good or service at a lower opportunity cost than others, enabling trade and increased efficiency.
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