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Chapter 2

Cowen and Tabarrok

Preferences The value a person puts on a good or service. The reason trades occur is the seller has a lower value of the item they are selling than the buyer.
Autarky A nation or person is economically self-sufficient. Produces all goods and services they consume
Absolute Advantage the ability to produce the same good using fewer inputs than another produce
Productivity in economics, measures output per unit of input, such as labor, capital or any other resource
PPF shows all the combinations of goods that a country can produce given its productivity and supply of inputs
Comparative Advantage the ability to produce a good with a lower opportunity cost
Created by: eclardy