Chapter 3

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Author:
Ruth5151
ID:
12945
Filename:
Chapter 3
Updated:
2010-04-03 01:41:59
Tags:
Economics Markiw
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Description:
A.P. Economics textbook, Chapter 3 vocabulary
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  1. absolute advantage
    the comparison amongst producers of a good according to their productivity
  2. opportunity cost
    whatever must be given up to obtain some item
  3. comparative advantage
    the comparison amongst producers of a good according to their opportunity cost
  4. imports
    goods produced abroad and sold domestically
  5. exports
    goods produced domestically and sold abroad

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