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Figure: Comparative Advantage
Eastland and Westland produce only two goods, boxes of peaches and boxes of oranges, and this figure shows each nation's production possibility frontier for the two goods.
-(Figure: Comparative Advantage) Look at the figure Comparative Advantage. Eastland has an absolute advantage in producing:
Average Income
The total income received by a group divided by the number of people in that group.
Poverty Rate
The percentage of the population whose income falls below a certain threshold, defining them as living in poverty.
Economic Deprivation
A condition where individuals or communities lack the financial resources and essential services to maintain a standard of living considered acceptable in society.
Poverty Rate
The percentage of the population whose income falls below the poverty line, indicating their inability to afford basic needs.
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