Chapter #3: Interdependence and Gains of Trade

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Microeconomics

COLLEGE

Last updated 3:52 PM on 9/19/26
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6 Terms

1
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Absolute Advantage

ability to produce a good using fewer inputs than another producer

2
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Comparative Advantage

ability to produce a good at a lower opportunity cost

3
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Exports

goods produced domestically and sold abroad

4
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Imports

  • good produced abroad and sold domestically


5
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Consumption (without trade)

production

6
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Consumption (with trade)

production + imports - exports