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INTERNATIONAL ECONOMICS (INTERNATIONAL TRADES (BENEFITS OF INTERNATIONAL…
INTERNATIONAL ECONOMICS
INTERNATIONAL TRADES
Government and individual activities on the exchange of capital, goods and services across international borders or territories
ABSOLUTE ADVANTAGES
A country that have an absolute advantage in the production of goods when it can produce more of those goods compared to another country using the same amount of resources
COMPARATIVE ADVANTAGES
Measured in terms of opportunity cost; it refers to a country's ability to produce a particulate product with a lower opportunity cost than another country
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