Examlex
Use the following to answer question:
-(Scenario: The Production of Wheat and Toys) Use Scenario: Production of Wheat and Toys.Country A has an absolute advantage in _____ and a comparative advantage in the production of _____.
Service
Economic activity where an intangible value is provided, such as healthcare, education, or entertainment, as opposed to producing a tangible product.
Substitute Goods
Products or services that can be used in place of each other. When the price of one falls, the demand for the other falls, and conversely with an increase of price.
Equilibrium Price
Equilibrium Price is the price point at which the quantity of goods supplied equals the quantity of goods demanded in a market.
Equilibrium Quantity
The quantity of goods or services supplied is equal to the quantity demanded at the market price.
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