An auction that has no reserve and where the highest bidder receives the item being sold.

A transfer between two parties where all benefits are exchanged without any stipulations. Collateral assignment is another term for this.

A country who can more efficiently generate a good or service than another. This is a big advantage in business. This theory was first suggested by the UK economist Adam Smith as an extension of his division of labor doctrine. Other terms that might help are absolute cost advantage and competitive advantage.