Principles of Microeconomics Chapter 3

question

Absolute Advantage

answer

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

question

Opportunity Cost

answer

whatever must be given up to obtain some item

question

Comparative Advantage

answer

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

question

Import

answer

goods produced abroad and sold domestically

question

Export

answer

goods produced domestically and sold abroad

1 of 5

question

Absolute Advantage

answer

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

question

Opportunity Cost

answer

whatever must be given up to obtain some item

question

Comparative Advantage

answer

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

question

Import

answer

goods produced abroad and sold domestically

question

Export

answer

goods produced domestically and sold abroad

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