The Benefits of Trade Econ Vocab

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Last updated 6:15 PM on 9/15/26
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6 Terms

1
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exports

good produced domestically and sold abroad

2
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imports

good produced abroad and sold domestically

3
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to export means…

to sell domestically produced good abroad

4
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to import means…

to purchase goods produced in other countries

5
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absolute advantage

the ability to produce a good using fewer inputs than another producer

6
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comparative advantage

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