Chapter 3

Description

Interdependence and the Gains from Trade
murphy94
Flashcards by murphy94, updated more than 1 year ago
murphy94
Created by murphy94 over 9 years ago
4
0
1 2 3 4 5 (0)

Resource summary

Question Answer
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
Show full summary Hide full summary

0 comments

There are no comments, be the first and leave one below:

Similar

Economics
Emily Fenton
AN ECONOMIC OVERVIEW OF IRELAND AND THE WORLD 2015/16
John O'Driscoll
Economics - unit 1
Amardeep Kumar
Using GoConqr to teach Economics
Sarah Egan
Functions of Money
hannahcollins030
Comparative advantage
jamesofili
GCSE - Introduction to Economics
James Dodd
Market & Technology Dynamics
Tris Stindt
PMP Formulas
Krunk!
Aggregate Supply, Macroeconomic Equilibrium, The Economic Cycle, Economic Growth, Circular Flow and Measuring National Income
Hannah Nad