Examlex
_____ occurs when stimuli presented below _____ affect behavior.
Balance Of Trade
The difference between a country's exports and imports of goods.
Comparative Advantage
An economic principle that states that an entity (e.g., country, region, or individual) can produce a good at a lower opportunity cost compared to others, leading to more efficient trading possibilities.
Absolute Advantage
The capacity of a nation, person, corporation, or area to generate a product or offer a service at a per-unit cost that is cheaper than the per-unit cost at which any other party produces the same product or service.
Frederic Bastiat
A French economist, writer, and prominent member of the French Liberal School in the 19th century, known for his advocacy of free trade and the critique of socialism.
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