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4 Cards in this Set
- Front
- Back
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Trade is beneficial because |
Both parties can consume more by specializing in the production in the good they have a comparative advantage |
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A comparison among producers of a good according to their productivity is the |
Absolute advantage |
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What ever must be given up to obtain a good is the |
Opportunity cost |
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The comparison among producers of a good according to their opportunity cost is their |
Comparative advantage |
