Chapter 3

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Flashcards by murphy94, updated more than 1 year ago
murphy94
Created by murphy94 over 4 years ago
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Interdependence and the Gains from Trade
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Absolute Advantage the ability to produce a good using fewer inputs than another producer
Opportunity Cost whatever must be given up to obtain some item
Comparative Advantage the ability to produce a good at a lower cost that another producer
Imports goods produced abroad and sold domestically
Exports goods produced domestically and sold abroad
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