10. State briefly the importance of economies of scale, comparative advantage, and trade barriers in these situations: (a) Most wine branded as Champagne comes from France. (b) A large proportion of world coffee production comes from Brazil. Most of the world's buttons come from the Chinese town of Qiaotou. (c)

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Opportunity Cost Analysis

Opportunity cost refers to the loss of potential benefits when choosing one alternative over another. It is the tradeoff a person makes, or the potential gains they miss out on, because of their choice. To analyze opportunity cost, we must consider the benefits and tradeoffs of each available option.