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ECON VOCAB

TermDefinition
MACROECONOMICS Behavior and decisions of individual firms and households and how they interact
MICROECONOMICS Whole national or world economy, GDP
GAINS FROM TRADE Improvements in income, production, etc. from exchange of goods and services
SPECIALIZATION A country or group of people is good at making something
DIVISION OF LABOR Everyone does the things they are good at
COMPARATIVE ADVANTAGE One group can make a product at a lower opp. cost than another
Created by: Jeff_5333
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