Examlex
Which of the following statements is correct?
World Demand
The total need or desire for goods and services across the global market.
Comparative Advantage
The knack of entities, whether they are people, companies, or countries, to bring forth goods or services at opportunity costs that undercut those of competitors.
Opportunity Costs
Opportunity Costs represent the benefits that are foregone by choosing one option over an alternative one.
Specialization
The focus by an individual, firm, or country on producing a limited range of goods or services, often to improve efficiency and productivity.
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