Examlex
The largest component of domestic net worth in 2012 was
Comparative Advantage
The ability of an entity to produce a good or service at a lower opportunity cost than others, enabling trade and increased efficiency.
Trade Better Off
The idea that parties involved in voluntary trading are better off as they satisfy each other's needs or wants.
Absolute Advantage
The ability of an entity to produce a good or service more efficiently than its competitors with the same amount of resources.
Production Possibilities
The various combinations of goods and services that can be produced using all available resources and technology.
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