CHAPTER 3: INTERDEPENDENCE AND THE GAINS FROM TRADE
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Last updated 12:35 AM on 9/24/26
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5 Terms
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Absolute Advantage
the ability to produce a good using fewer inputs than another producer
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Comparative Advantage
the ability to produce a good at a lower opportunity cost than another producer
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How can two parties gain from trade?
Price of trade must be between both of their opp costs.
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Imports
goods produced abroad and sold domestically
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Exports
goods produced domestically and sold abroad