Quizlet
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| 1-3 of 3Comparative advantage flashcard sets | |||
|---|---|---|---|
| # | Title | Terms | Date |
| 1 | Comparative Advantage and the Open Economyby JujiG | 5 terms | December 2, 2008 |
| 2 | 2.3 Comparative Advantageby mjdolenko | 6 terms | October 7, 2009 |
| 3 | Ch. 2 - Trade-offs, Comparative Advantage, and the Market Systemby zhughes3 | 17 terms | September 11, 2009 |
No groups found.
| comparative advantage definitions | |||
|---|---|---|---|
| # | Definition | Sets | |
| 1 | the ability to produce a good at a lower opportunity cost than another producer | 23 sets | |
| 2 | the ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than other producers. | 13 sets | |
| 3 | the situation in which a country can produce a good at lower opportunity cost than another country | 4 sets | |
| 4 | one person has a comparative advantage over another if his or her opportunity cost of performing a task is lower than the other person's opportunity cost | 4 sets | |
| 5 | the ability to produce a good at a lower opportunity cost than another producer. | 3 sets | |
| 6 | the ability to product with the lowest opportunity cost. | 3 sets | |
| 7 | the ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors | 3 sets | |
| 8 | fill in | 3 sets | |
| 9 | situation in on country produces a good less inefficiently than another country relative to other goods | 2 sets | |
| 10 | the ability of a nation to produce a good with a greater relative efficiency than it can produce other goods | 2 sets | |
| 11 | everyone has some of this - ex. pablo escobar | 2 sets | |
| 12 | a situation in which a person or country can produce a specific product at a lower opportunity cost than some other person or country; the basis for specialization and trade | 2 sets | |
| 13 | a country has a comparative advantage over another country in one good as opposed to another good if its relative efficiency in the production of the first good is higher than the other country's | 2 sets | |
| 14 | the ability to produce a good with a lower opportunity cost | 2 sets | |
| 15 | the value that a nation gains by selling what it produces most efficiently | 2 sets | |
| 16 | the benefit a country has in a given industry if it can make products at a lower opportunity cost than other countries | 2 sets | |
| 17 | the ability to produce a good or service at a lower opportunity cost compared to other producers | 2 sets | |
| 18 | what you can do more than someone else | 2 sets | |
| 19 | producing at lower opportunity cost | 2 sets | |
| 20 | producing a good or service if the opportunity cost of producing the good or service is lower for that individual than for other people | 2 sets | |
| 21 | produce most efficiently of what you have( lower opportunity cost) | 2 sets | |
| 22 | the ability of one trading nation to produce something at a lower opportunity cost than that of another trading nation | 2 sets | |
| 23 | when one's opportunity cost of performing a task is lower than the other person's opportunity cost | 2 sets | |
| 24 | the ability of a country to produce a good at a lower oppurtunity cost than another country can | 2 sets | |
| 25 | the ability of a country to produce a good at a lower cost than another country can | 2 sets | |
| 26 | a producer has a comparative advantage over another in the production of a good or service if it can produce that product at a lower opportunity cost. | 2 sets | |
| 27 | a trade theory which states that countries specialise in the production of those goods that they are relatively more efficient at producing | 2 sets | |
| 28 | value gained when a country specializes in producing and selling certain goods | 2 sets | |
| 29 | a producer has this advantage over another in the production of a good or servies if it can produce that product at a lower opportunity cost | 2 sets | |
| 30 | ability of a country to produce a good at a lower cost than another country can | 2 sets | |
| 31 | making a product where you have the lowest opportunity cost. doing what you are best at. | 2 sets | |
| 32 | the ability of a country to produce a good at a lower cost than another country can. | 2 sets | |
| 33 | when a company can produce a good or service at a lower opportunity cost than someone else | 1 set | |
| 34 | economic efficieny and well-being will be maximized if each country uses its resources to produce whatever it produces relatively well compared to other countries and then trades what it has produced with other countries for goods it doesn't produce | 1 set | |
| 35 | the situation in which a country can produce a good at lower opportunity cost than another country. producing at lower opportunity cost. | 1 set | |
| 36 | the ability to produce a good or service at a lower opportunity cost compared to other producers. determines what should be produced and what should be acquired through trade | 1 set | |
| 37 | refers to the value that a nation gains by selling the goods in produces more efficiently than any other good. | 1 set | |
| 38 | a country specializes in the production of a good or service at which it is relatively more efficient | 1 set | |
| 39 | (predict use of time) relative concept refering to ability to produce a good or service at a lower opportunity cost compared to other producers (what brings in most income, your disadvantage is smaller relative to others) (ex. babe ruth) | 1 set | |
| 40 | produce cheaper, ability to produce at a lower resource cost. | 1 set | |