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Joint Output
Joint output describes a situation where the production process results in two or more products being produced simultaneously from the same inputs.
Mutual Gains
Benefits that occur in a situation or transaction that are advantageous to all involved parties.
Comparative Advantage
The ability of an entity to produce a good or service at a lower opportunity cost than others.
Lowest Opportunity Cost
The situation where the choice made uses the least possible sacrifice of alternatives, having the minimal foregone benefits among all options.
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