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ECON 2113
Chapter 3
5
Economics
Undergraduate 2
01/22/2016
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Term
Absolute Advantage
 Definition
the ability to produce a good using fewer inputs then another producer.
Term
Comparative Advantage
 Definition
the ability to produce a good at a lower opportunity cost than another producer
Term
exports
 Definition
Goods produced domestically and sold abroad
Term
imports
 Definition
goods produced abroad and sold domestically
Term
opportunity cost
 Definition
whatever must be given up to obtain some item
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