Term
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Definition
| The ability to produce a good using fewer inputs than other producer. |
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Term
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Definition
| The ability to produce a good at a lower opportunity cost than another producer |
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Term
| Companies gain more from... |
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Definition
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Term
| Trade benefits everyone because... |
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Definition
| it allows countries/firms to specialize in areas where they have comparative advantage. |
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Term
| For both parties to gain from trade... |
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Definition
| the price must be between the 2 opportunity costs. |
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Term
| A country may benefit as a whole from trade, but sometimes individuals... |
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Definition
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