Term
| Comparative Advantage (614) |
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Definition
| occurs when a person or country can produce a good or service at a lower opportunity cost than others |
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Term
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Definition
| the difference between the price a consumer is willing and able to pay for an additional unit of a good and the price the consumer actually pays; for the whole market, it is the sum of all the individual consumer surpluses-the area below the market demand curve and above the market price |
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Term
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Definition
| the difference between what a producer is paid for a good and the cost of producing that unit of the good; for the market, it is the sum of all the individual sellers' producer surpluses - the area above the market supply curve and below the market price |
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Term
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Definition
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Term
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Definition
| A legal limit on the imported quantity of a good that is produced abroad and can be sold in domestic markets |
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Term
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Definition
| Efforts by producers to gain profits from government protections such as tariffs and import quotas |
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