Examlex
Explain implied and express authorizations.
Comparative Advantage
The ability of a country or firm to produce a particular good or service at a lower opportunity cost than others.
Total World Production
The aggregate amount of goods and services produced globally within a specific time frame, often measured in terms of Gross World Product (GWP).
Specialize
To focus on a particular area of knowledge, skill, or production, often to increase efficiency or quality.
Trade
The exchange of goods, services, or both within or between countries, driven by the principle of comparative advantage.
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