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Absolute Advantage
The ability of an entity to produce a good or service more efficiently than its competitors when given the same resources.
Specialization
The process by which individuals, businesses, or countries focus on producing a narrow range of goods or services, improving efficiency and expertise in that area.
Comparative Advantage
The ability of a country or entity to produce a good or offer a service at a lower opportunity cost than competitors, facilitating specialized trade benefits.
Production Data
Information and statistics related to the amount and types of goods and services produced within a particular period.
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