Key concepts:- • Opportunity cost : The cost, in a particular choice, of giving up the next best alternative. • Specialization: When the producer specializes in producing the good or service for which they have a comparative advantage. • Trade: When producers exchange goods or services with others, taking advantage of comparative advantages to maximize efficiency and benefits. https://www.fbsedu.in/static/js/main.59b6eaac.js:2:78754