Examlex
Methane cannot be oxidized back to CO₂ under anaerobic conditions.
Comparative Advantage
The capability of a nation or business to manufacture a specific product or offer a service at a lesser opportunity cost compared to its rivals.
Opportunity Cost
The expenditure experienced from not picking the immediate runner-up selection during a choice process.
Economies of Scale
The cost advantage achieved when production becomes efficient, leading to a decrease in the per-unit cost as the volume of production increases.
Autarky
A situation where a country or economy operates in total self-sufficiency, without engaging in international trade.
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