Examlex
Specialized bacteria can produce their own food from inorganic compounds in the environment without the use of sunlight. This process is called
Comparative Advantage
The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors, underpinning international trade theories.
Absolute Advantage
The ability of an entity to produce a good or service at a lower cost per unit than other competitors using the same amount of resources.
Trade Surplus
A situation where a country's exports exceed its imports over a given period, indicating a positive balance of trade.
Services
Services involve non-material economic activities aimed at satisfying needs or wants, including endeavors like consulting, banking, or maintenance.
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