click below
click below
Normal Size Small Size show me how
17-1 vocabulary jw
Question | Answer |
---|---|
A situation that occurs when individuals or businesses produce a narrow range of products. | Specialization |
A situation in which producers in one nation depend on others to provide goods and services they do not produce. | Economic Interdependence |
The ability of one trading nation to make a product more efficently than another trading nation. | Absolute advantage |
A trading nation's ability to produce something at a lower opportunity cost than that of another trading nation. | Comparative advantage |
States that countries gain when they produce items they are most efficent at producing and are at the lowest opportunity cost. | Law of comparative advantage |
Goods and services produced in one country and sold to other countries. | Exports |
Goods and services produce in one country and purchased by another | Imports |