Chapter 3 Macroeconomics

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  1. Absolute Advantage
    ability to produce a good using fewer inputs than another producer
  2. Opportunity Cost
    whatever must be given up to obtain some item
  3. Comparative Advantage
    ability to produce a good at a lower opportunity cost than another producer
  4. Imports
    good produced abroad and sold domestically
  5. Exports
    good produced domestically and sold abroad

Card Set Information

Author:
amgallegos
ID:
131410
Filename:
Chapter 3 Macroeconomics
Updated:
2012-01-29 19:05:18
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Vocab
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Chapter 3 vocab
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