Econ 222 Vocab Chapter 3

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Author:
Ccroagunk
ID:
53507
Filename:
Econ 222 Vocab Chapter 3
Updated:
2010-12-05 16:02:47
Tags:
Macroeconomics
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Description:
Vocabulary for Chapter 3 Econ 22
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  1. Absolute Advantage
    The ability to produce a good using fewer inputs that another producer
  2. Opportunity Cost
    Whatever must be given up to obtain some item
  3. Comparative Advantage
    The ability to produce a good at a lower opportunity cost than another producer
  4. Imports
    Goods produced abroad and sold domestically
  5. Exports
    Goods produces domestically and sold abroad

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