ECON 248 3.1+3.2+3.3 A Parable For The Modern Economy + Comparative Advantage + Applications Of Comp Advantage

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6 Terms

1
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A () line in a production possibilities frontier represents opportunity cost to make one good over another remains at a () rate.

Straight, Constant

2
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A () line in a production possibilities frontier represents the opportunity cost to make one good over another () over time.

Bowed Out, Increasing

3
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The producer that requires a smaller quantity of inputs to produce a good is said to have an () in producing that good.

Absolute Advantage

4
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() is when you give up less to produce a good compared to others.

Comparative Advantage

5
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Goods which are produced abroad and sold domestically are called ().

Imports

6
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Exports are goods which are produced () and sold ().

Domestically, Abroad