Chapter 3 - Interdependence and the Gains from Trade

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1

International trade

________ can make some individuals worse off, even as it makes the country as a whole better off.

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2

Comparative advantage

________- the ability to produce a good at a lower opportunity cost than another producer.

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3

Imports

________- goods produced abroad and sold domestically.

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4

Exports

________- goods produced domestically and sold abroad.

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5

comparative advantage

Trading allows people to specialize in activities in which they have a(n) ________.

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6

International trade

________ can make some individuals worse off, even as it makes the country as a whole better off.

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7

Opportunity cost

________- whatever must be given up to obtain some item.

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