Examlex
Which of the following is MADD an example of?
Absolute Advantage
The ability of an individual, company, or country to produce a good or service more efficiently than competitors, using the same amount of resources.
Resource Endowments
These are the natural, human, and technological resources available to a country or region, crucial for economic development.
Comparative Advantage
A concept in economics that refers to a country's ability to produce goods and services at a lower opportunity cost than that of trade partners.
Domestic Opportunity Cost
The opportunity cost of producing goods domestically rather than importing them, measured by what is given up in the domestic production of other goods.
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