Econ Chapter 3

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Author:
misol
ID:
265092
Filename:
Econ Chapter 3
Updated:
2014-03-04 20:39:10
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Econ Chapter
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Econ chapter 3
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  1. Without Trade, the production possibility frontier would also be the consumption possibility frontier
    • would be the same curves if graphed
    • have to use up what you don't trade so only making it for you to use
  2. When determining opportunity costs
    use the table of AMOUNT PRODUCED!

    what you give up/what you earn
  3. absolute advantage
    comparison among the producers to see who can produce a good using fewer INPUTS than another producer (ie make more in less time)
  4. comparative advantage
    comparison among the producers to see who can produce good at lower OPPORTUNITY COST
  5. price
    flout between maximum and minimum opportunity cost level

    (max + min/2)
  6. import
    goods produced abroad and sold domestically
  7. exports
    goods produced domestically and sold abroad
  8. Economists generally support "Free International Trade"
    Because trade can make everyone better off

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