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5 Cards in this Set
- Front
- Back
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Absolute Advantage
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The ability to produce a good using fewer inputs than another producer
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Comparative Advantage
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The ability to produce a good at a lower opportunity cost than another producer
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Exports
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Goods produced domestically and sold abroad
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Imports
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Goods produced abroad and sold domestically
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Opportunity Cost
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The highest valued choice forgone to obtain some item
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