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The Greater Good
Hatfields vs. McCoys
| Term | Definition |
|---|---|
| Absolute advantage | the one who can produce the good or service more efficiently (cheaper, better, faster) |
| Comparative advantage | the one who can produce the good or service with the lowest opportunity cost |
| Costs | what has to be given up to produce something; total costs include opportunity costs (cost of alternative) and direct costs (total money) |
| Export and import | a good that is produceed and sold in different countries; import = sold; export = produced |
| Free trade | the absense of government-imposed restrictions to trade among individuals/firms |
| Market economy | an economic system where the private decisions of consumers, resource suppliers, and producers determine how resources are gathered |
| Opportunity costs | the sacrifice in achieving something; the value of the alternative that would be lost |
| Protectionism | a policy that is designated to protect domestic producers of a good from foreign competitors |
| Quota | a limit imposed on imported goods |
| Resources (factors of production) | land, labor, capital, and entrepreneurial abilty that are used to satisfy human wants |
| Scarcity | a condition where less of something exists than people demand; happens when resources are limited and cannot satisfy wants |
| Specialization | the use of resources to produce one/few goods and services, exposed to many different goods and services |
| Tariff | a tax imposed on a good that is from a foreign country |
| Tradeoff | an exchange relationship of how much of one good/resource that is needed to get another good/resource |
| Voluntary exchange | the exchange of one thing for something else under their own free choice |
| Voluntary restraint agreement (voluntary export restraint) | exporting countries agree to voluntarily limit their exports to the importing country |
Created by:
allison.hemzacek
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