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Production Process
The series of actions or steps taken in order to create a product or service.
Goods and Services
The physical items (goods) and intangible assistance or activities (services) that fulfill the needs or wants of consumers, forming the basis of all economic activities.
Comparative Advantage
The capacity of a country or firm to produce a particular good or service at a lower marginal and opportunity cost over another.
Absolute Advantage
The ability of a country or entity to produce a good or service more efficiently (using fewer resources) than another country or entity.
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