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A pond ecosystem includes small water fleas which feed on submerged aquatic plants. When the water fleas die, they sink to the bottom of the pond and where they decompose with the help of bacteria. How many kingdoms are represented in this ecosystem?
Comparative Advantage
The ability of a country, company, or individual to produce a particular good or service at a lower opportunity cost than others, leading to more efficient trade and production.
Opportunity Cost
The value of the next best alternative forgone as the result of making a decision.
Production Possibility Frontier
A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, technology).
Absolute Advantage
The ability of an entity to produce a good or service more efficiently than its competitors, leading to greater output with the same resources.
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