Shared Flashcard Set

Details

Title

Principles of Microeconomics- Chp. 3

Description

06E:001 U of Iowa Book: Principles of Microeconomics 4th Edition By: N. Gregory Mankiw

Total Cards

Subject

Economics

Level

Undergraduate 1

Created

01/28/2011

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Additional Economics Flashcards

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

Opportunity Cost

Definition

whatever must be given up to obtain some item

Term

Imports

Definition

goods produced abroad and sold domestically

Term

Exports

Definition

goods produced domestically and sold abroad