Examlex
Communication can break down if sender and receiver do not encode or decode language in the same way.
Absolute Advantage
The ability of a country, individual, or firm to produce more of a good or service than competitors using the same amount of resources.
Opportunity Cost
The cost of forgone alternatives when a decision is made to choose one option over others.
Absolute Advantage
The ability of a country, individual, company, or region to produce a good or offer a service at a lower cost per unit than the cost at which any other entity produces that good or offers that service.
Production
The process of creating goods and services by combining labor, materials, and technology.
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