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Public Choice Economist
An economist who applies economic theories and methodologies to analyze and understand political behavior and decisions, particularly in the context of public policy and government actions.
Rent-Seeking Behavior
Actions by individuals or firms to obtain economic gains through manipulation or exploitation of the political or social environment, rather than through productive economic activity.
Comparative Advantage
The ability of a country, individual, company, or region to produce a good or service at a lower opportunity cost than its competitors, underpinning international trade theory.
Opportunity Cost
The sacrifice of potential advantages from various alternatives due to selecting one path.
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