Examlex
Which of the following translates directly to "law of merchants?"
Comparative Disadvantage
A situation where a country or entity is less efficient at producing goods or services compared to another country or entity.
Absolute Advantage
The capacity of a person, corporation, or nation to manufacture a product or provide a service at a lower per-unit expense than any other participant in the market.
Comparative Advantage
The capability of an individual or organization to create a product or provide a service with a smaller opportunity cost than another.
Price
The amount of money required for the purchase of a good or service, reflecting the value that buyers and sellers assign to it.
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