Examlex
To deselect selected text,click ____.
Comparative Advantage
The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than others, leading to more efficient trade possibilities.
Absolute Advantage
The ability of a country or entity to produce a good more efficiently (using fewer resources) than another country or entity.
Economic Efficiency
A condition where resources are allocated in a way that maximizes the production of goods and services at the lowest cost to society.
Opportunity Cost
The value of the next best alternative forgone as a result of making a decision.
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