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Chapter 3
Gergory Mankiw edition
4
Economics
Undergraduate 3
02/05/2013
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Term
absolute advantage
 Definition
The ability to produce a good using fewer inputs than another producer
Term
comparative advantage
 Definition
The ability to produce a good at a lower opportunity cost than another producer
Term
imports
 Definition
Goods produced abroad and sold domestically
Term
exports
 Definition
Goods produced domestically and sold abroad
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