Macro Chapter 3 - Interdependence and the Gains from Trade
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Last updated 5:47 PM on 6/3/26
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5 Terms
1
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absolute advantage
the ability to produce a good using fewer inputs than another producer
2
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opportunity cost
whatever must be given up to obtain some item
3
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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