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ECO 2023

Module 3 Warmoth Gibbs

QuestionAnswer
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 opportunity cost than another producer
Imports Goods produced abroad and sold domestically
Exports Goods produced domestically and sold abroad
Created by: Gutter23
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