Absolute Advantage Is the Key to Mutually Beneficial Gains from Trade

question 194

True/False

Absolute advantage is the key to mutually beneficial gains from trade.

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Definitions:

Primary Activities

Core functions or processes of a business that directly add value to a product or service, including production, marketing, sales, and service.

Production and Distribution

The processes involved in creating products or services and making them available to consumers, encompassing manufacturing, logistics, and sales channels.

RFID (Radio-Frequency Identification)

A technology that uses radio waves to identify and track objects, animals, or people automatically.

NFC (Near Field Communication)

A set of communication protocols that enable two electronic devices, one of which is usually a portable device such as a smartphone, to establish communication by bringing them within close proximity.