1/3
Name | Mastery | Learn | Test | Matching | Spaced |
---|
No study sessions yet.
trade
in a market economy individuals engage in this; meaning they provide goods and services to receive goods and services
comparative advantage
an individual has this when producing a good or service if the opportunity of producing the good or service is lower for that individual than for other people
absolute advantage
an individual has this when in producing a good or service if he or she can make more out of it with a given amount of time and resources
terms of trade
the indication of the rate at which one good can be exchanged for another