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Absolute Advantage
when one country can use fewer resources to produce a good compared to another country; when a country is more productive compared to another country
Gain From Trade
a country that can consume more than it can produce as a result of specialization and trade
Intra-Industry Trade
international trade of goods within the same industry
Splitting up the Value Chain
many of the different stages or producing a good happen in different geographic locations
Tariffs
taxes that governments place on imported goods
Value Chain
how a good is produced in stages
Note
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