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4 Cards in this Set
- Front
- Back
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Absolute Advantage
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When one nation can produce a product at lower cost relative to another nation.
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Comparative Advantage
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The good in which a nation has its greates productivity advantage of its smallest productivity disadvanatge; also, the goods that a nation can prdduce at a lower cost when measured in terms of opportunity cost
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Intra-Industry Trade
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International trade of goods within the same industry
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Splitting up the value chain
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when many of the different stages of producing a good happen in different geographic locations
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