Chapter 3 - Interdependence and the Gains from Trade
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7 Terms
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International trade
________ can make some individuals worse off, even as it makes the country as a whole better off.
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Comparative advantage
________- the ability to produce a good at a lower opportunity cost than another producer.
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Imports
________- goods produced abroad and sold domestically.
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Exports
________- goods produced domestically and sold abroad.
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comparative advantage
Trading allows people to specialize in activities in which they have a(n) ________.
6
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International trade
________ can make some individuals worse off, even as it makes the country as a whole better off.
7
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Opportunity cost
________- whatever must be given up to obtain some item.