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Gain From Trade
The benefits that countries or individuals obtain by engaging in international trade, allowing for the consumption of more goods and services than would be possible without trade.
Opportunity Cost
The loss incurred from ignoring the subsequent best alternative in a decision-making scenario.
Constant Rate
A steady, unchanging rate of change in a mathematical or economic process.
Comparative Advantage
The skill of any individual, enterprise, or country in producing a certain good or service with a lesser opportunity cost than that of their competitors.
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