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Chapter 3 - Interdependence and the Gains from Trade
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1
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International trade
________ can make some individuals worse off, even as it makes the country as a whole better off.
2
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Comparative advantage
________- the ability to produce a good at a lower opportunity cost than another producer.
3
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Imports
________- goods produced abroad and sold domestically.
4
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Exports
________- goods produced domestically and sold abroad.
5
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comparative advantage
Trading allows people to specialize in activities in which they have a(n) ________.
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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.
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