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Econ 222 Vocab Chapter 3

  1. Absolute Advantage
    The ability to produce a good using fewer inputs that another producer
  2. Opportunity Cost
    Whatever must be given up to obtain some item
  3. Comparative Advantage
    The ability to produce a good at a lower opportunity cost than another producer
  4. Imports
    Goods produced abroad and sold domestically
  5. Exports
    Goods produces domestically and sold abroad
Author
Ccroagunk
ID
53507
Card Set
Econ 222 Vocab Chapter 3
Description
Vocabulary for Chapter 3 Econ 22
Updated

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