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Ch. 3-Interdependence and the Gains from Trade
N/A
5
Economics
Undergraduate 2
12/07/2015
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Term
Opportunity Cost
 Definition
Whatever must be given up to obtain some item.
Term
Comparative Advantage
 Definition
The ability to produce a good at a lower opportunity cost than another producer.
Term
Absolute Advantage
 Definition
The ability to produce a good using fewer inputs than another producer.
Term
Imports
 Definition
Goods produced abroad & sold domestically.
Term
Exports
 Definition
Goods produced domestically & sold abroad.
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