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Econ Pre-Test 1d

absolute advantage is based on .... resource cost
absolute advantage definition is .... the ability of a country or individual to produce greater quantities of goods product or services than other countries.
comparative advantage is based on opportunity cost
comparative advantage- is when a country has an advantage over a particular good than other countries.
opportunity cost-is about producing at the lowest cost and your not losing a lot to produce or make it
1960s-world bank mission shifted to eliminating poverty
united nations (U) also formed at the end of the second world war -purpose help resolve political disputes -before it turns into military disputes
UN (United Nations) - agency called United Nations trade and development (UNCTAD) - in 1964 - provided a forum to the voice of poorer countries throughout theworld
What are the reasons the UN is important? trade originates because of mutual benefit if we find a demand schedule we can convert it to a command curve
CS + PS = Welfare (consumer surplus + producer surplus)
Welfare Payments have been thought of as payments to ___________ poor people
If you keep the price on a product/service the same and not raise it what will probably happen? You will run out
How can you control the demand for houses? Rent control (rent prices stay at a certain price)
A producer interests are concentrated and tend to be... very, *vocal *motivated *lobbying
Consumers are worse off if prices go up and .... you have to pay more for products/services
Trade deficit is when a .... country buys more goods then it sells
Created by: Sankofarae