Examlex
If the exchange rate is 12.5 pesos per U.S. dollar, it is also 1/12.5 U.S. dollars per peso.
Standard of Living
A measure of the wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.
Importing
The process of importing products or services from other countries for the purpose of selling them domestically.
High-Opportunity Cost
A situation where choosing one option results in the loss of the potential gain from other alternatives.
Low-Opportunity Cost
Refers to a situation where choosing one option results in the smallest possible sacrifice in terms of the value of the next best alternative.
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