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What did the Thirteenth Amendment do?
Absolute Advantage
The ability of a country or entity to produce a good using fewer resources than another producer, indicating higher efficiency.
Comparative Advantage
The ability of an entity to produce a good or service at a lower opportunity cost than its competitors, leading to more efficient trade benefits.
Opportunity Cost
The forfeiting of possible gains that could be obtained from exploring other options, when one is chosen.
Absolute Advantage
The capacity for a nation, person, corporation, or area to manufacture a product or render a service at a more affordable per-unit expense than what any other party can achieve.
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