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Relative Costs
The cost of one good or service compared to another, often considered in terms of the opportunity cost of choosing one option over another.
Labor-Productivity
The measure of the amount of goods and services produced by one hour of labor.
Comparative Advantage
The ability of an entity to produce a good or service at a lower opportunity cost than others, leading to more efficient international trade.
Comparative Advantage
The ability of an individual, company, or country to produce a particular good or service at a lower opportunity cost than competitors, leading to more efficient international trade.
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