Term
| What does the term 'Dexterity' mean? |
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Definition
| Becoming better at a specific task |
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Term
| Define Absolute Advantage |
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Definition
| The ability of an individual or firm to produce a good or service at a lower cost per unit than the cost at which any other entity produces that good or service |
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Term
| Define Comparative Advantage |
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Definition
| The ability of a firm or individual to produce goods and/or services at a lower opportunity cost than other firms |
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Term
| Give an example of Absolute Advantage |
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Definition
| -Jane can knit a sweater in 10 hours, while Kate can knit a sweater in 8 hours. Kate has an absolute advantage over Jane, because it takes her fewer hours (the input) to produce a sweater (the output). |
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Term
| Give an example of Comparative Advantage |
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Definition
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Term
| Explain the Concept of the 'Invisible Hand' |
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Definition
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