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Mankiw 5th Chapter 03
Chapter 3: Interdependence and the Gains from Trade
5
Economics
Undergraduate 2
06/10/2010
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Term
absolute advantage
 Definition
The ability to produce a good using fewer inputs than another producer.
Term
comparative advantage
 Definition
The ability to produce a good at a lower opportunity cost than another producer.
Term
exports
 Definition
Goods and services that are produced domestically and sold abroad.
Term
imports
 Definition
Goods and services that are produced abroad and sold domestically.
Term
opportunity cost
 Definition
Whatever must be given up to obtain some item.
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