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Chapter 03
Brief Principles of Macroeconomics Vocabulary
5
Economics
Undergraduate 2
10/12/2013
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Term
Absolute Advantage
 Definition

The ability to produce a good using fewers inputs

than another producer
Term
Opportunity Cost
 Definition
Whatever must be given up to obtain some item
Term
Comparative Advantage
 Definition
The ability to produce a good at a lower opportunity cost than another producer
Term
Import
 Definition
Goods produced abroad and sold domestically
Term
Export
 Definition
Goods produced domestically and sold abroad
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