Examlex
The Canadian government is committed to promoting exercise to improve the health in of seniors. What strategy did they use to achieve that goal?
Absolute Advantage
A condition in which a country, company, or individual can produce a good or service at a lower cost per unit than competitors using the same amount of resources.
Comparative Advantage
The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors.
Absolute Advantage
The ability of an entity to produce a good or service more efficiently than its competitors.
Comparative Advantage
An economic theory that describes how countries or individuals can gain by specializing in the production of goods and services for which they have a lower opportunity cost, leading to beneficial trade.
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