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5 Cards in this Set
- Front
- Back
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Absolute Advantage |
the ability to produce a good using fewer inputs than another producer |
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Opportunity Cost |
whatever must be given up to obtain something |
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Comparative Advantage |
the ability to produce a good at a lower opportunity cost than another producer |
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Imports |
goods produced abroad and sold domestically |
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Exports |
goods produced domestically and sold abroad |
