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Chapter 3

  1. absolute advantage
    the comparison amongst producers of a good according to their productivity
  2. opportunity cost
    whatever must be given up to obtain some item
  3. comparative advantage
    the comparison amongst producers of a good according to their opportunity cost
  4. imports
    goods produced abroad and sold domestically
  5. exports
    goods produced domestically and sold abroad
Author
Ruth5151
ID
12945
Card Set
Chapter 3
Description
A.P. Economics textbook, Chapter 3 vocabulary
Updated

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