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What is equipment used to capture information and commands?
World Price
The worldwide market cost of a product, determined by the global forces of supply and demand.
Quantity Supplied
The quantity of a product that suppliers are ready to sell at a particular price during a defined time frame.
Comparative Advantage
An individual's, a business's, or a nation's potential to produce a service or good at an opportunity cost that is inferior to that of its competition.
Production Possibilities
Production possibilities refer to the different combinations of goods and services that an economy can produce given its available resources and technology.
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