Cowen and Tabarrok
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| 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.
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| Autarky | A nation or person is economically self-sufficient. Produces all goods and services they consume
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| Absolute Advantage | the ability to produce the same good using fewer inputs than another produce
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| Productivity | in economics, measures output per unit of input, such as labor, capital or any other resource
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| PPF | shows all the combinations of goods that a country can produce given its productivity and supply of inputs
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| Comparative Advantage | the ability to produce a good with a lower opportunity cost
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