Examlex
Which of the following is TRUE?
Foreign Trade
The exchange of goods, services, and capital between countries or territories, involving imports and exports.
Comparative Advantage
The capacity for a person, business, or nation to generate a product or service with a smaller opportunity cost compared to its rivals.
Competition
Rivalry among business firms for resources and customers.
Absolute Advantage
The ability of a country, individual, company, or region to produce a good or service more efficiently than its competitors when using the same amount of resources.
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