Examlex
Discuss the relationship between benchmarking and total quality management (TQM).
Comparative Advantage
The ability of a country, individual, company, or region to produce a good or service at a lower opportunity cost than competitors.
Trade
The process of purchasing, selling, or trading goods and services among individuals, companies, or nations.
Equilibrium Price
The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in market balance without excess supply or demand.
Tax Policy
The set of laws and regulations governing how taxes are collected, managed, and utilized by a government.
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