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Hannah Microeconomics Chapter 3
Definitions
5
Economics
Undergraduate 1
11/28/2011
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Term
absolute advantage
 Definition
the ability to produce a good using fewer inputs than another producer
Term
opportunity cost
 Definition
whatever must be given up to obtain some item
Term
comparative advantage
 Definition
the ability to produce a good at a lower opportunity cost than another product
Term
imports
 Definition
goods produced abroad and sold domestically
Term
exports
 Definition
goods produced domestically and sold abroad
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