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Using GoConqr to study Economics

Sarah Egan

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Chapter 3

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Interdependence and the Gains from Trade

Flashcards by murphy94, updated more than 1 year ago

	Created by murphy94 over 9 years ago

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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

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