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ECON0MICS
Mankiw, Principles of Economics Ch3
Question | Answer |
---|---|
absolute advantage | the ability to produce a good using fewer inputs than another producer |
comparative advantage | the ability to produce a good at a lower opportunity cost than another producer |
exports | goods produced domestically and sold abroad |
imports | goods produced abroad and sold domestically |
opportunity cost | whatever must be given up to obtain some item |