ECON 202 Quiz 3

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Last updated 2:33 AM on 10/14/26
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7 Terms

1
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Gains from Trade

The benefits that come from reallocating resources, goods, and services to better uses

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Absolute Advantage

The ability to do a task using fewer inputs

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Comparative Advantage

The ability to do a task at a lower opportunity cost

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Specialization

Focusing on specific tasks

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Prediction Markets

Markets whose payoffs are linked to whether an uncertain event occurs

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Internal Markets

Markets within a company yo buy and sell scarce resources

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Knowledge Problem

When knowledge needed to make a good decision is not available to the decision maker