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 | 20 sets | |
| 2 | the ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than other producers. | 12 sets | |
| 3 | the situation in which a country can produce a good at lower opportunity cost than another country | 4 sets | |
| 4 | the ability to product with the lowest opportunity cost. | 3 sets | |
| 5 | 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 | |
| 6 | 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 | 3 sets | |
| 7 | fill in | 3 sets | |
| 8 | what you can do more than someone else | 2 sets | |
| 9 | producing at lower opportunity cost | 2 sets | |
| 10 | the ability to produce a good or service at a lower opportunity cost compared to other producers | 2 sets | |
| 11 | the ability of one trading nation to produce something at a lower opportunity cost than that of another trading nation | 2 sets | |
| 12 | everyone has some of this - ex. pablo escobar | 2 sets | |
| 13 | the ability to produce a good at a lower opportunity cost than another producer. | 2 sets | |
| 14 | 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 | |
| 15 | the benefit a country has in a given industry if it can make products at a lower opportunity cost than other countries | 2 sets | |
| 16 | when one's opportunity cost of performing a task is lower than the other person's opportunity cost | 2 sets | |
| 17 | the value that a nation gains by selling what it produces most efficiently | 2 sets | |
| 18 | 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 | |
| 19 | the ability of a nation to produce a good with a greater relative efficiency than it can produce other goods | 2 sets | |
| 20 | produce most efficiently of what you have( lower opportunity cost) | 2 sets | |
| 21 | situation in on country produces a good less inefficiently than another country relative to other goods | 2 sets | |
| 22 | the ability of a country to produce a good at a lower oppurtunity cost than another country can | 2 sets | |
| 23 | making a product where you have the lowest opportunity cost. doing what you are best at. | 2 sets | |
| 24 | ability of a country to produce a good at a lower cost than another country can | 2 sets | |
| 25 | 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 | |
| 26 | a trade theory which states that countries specialise in the production of those goods that they are relatively more efficient at producing | 2 sets | |
| 27 | the ability of a country to produce a good at a lower cost than another country can | 2 sets | |
| 28 | the ability of a country to produce a good at a lower cost than another country can. | 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 | 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 | |
| 31 | the ability of a country to produce a good at a lower opportunity cost of producing the good than any other country | 1 set | |
| 32 | produce cheaper, ability to produce at a lower resource cost. | 1 set | |
| 33 | produce cheaper, ability to produce at a lower opportunity cost | 1 set | |
| 34 | producing a lower opportunity cost | 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 | (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 | |
| 37 | 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 | |
| 38 | the situation that exists when a country can produce a good with less forgone output of other goods than can another county | 1 set | |
| 39 | the concept in liberal economic theory that a state will benefit if it specializes in those goods it can produce comparatively cheaply and acquires through trade goods that it can only produce at a higher cost | 1 set | |
| 40 | the ability of a country to produce a good or service with a lower opportunity cost than another country. | 1 set | |