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The Greater Good

Hatfields vs. McCoys

TermDefinition
Absolute advantage the one who can produce the good or service more efficiently (cheaper, better, faster)
Comparative advantage the one who can produce the good or service with the lowest opportunity cost
Costs what has to be given up to produce something; total costs include opportunity costs (cost of alternative) and direct costs (total money)
Export and import a good that is produceed and sold in different countries; import = sold; export = produced
Free trade the absense of government-imposed restrictions to trade among individuals/firms
Market economy an economic system where the private decisions of consumers, resource suppliers, and producers determine how resources are gathered
Opportunity costs the sacrifice in achieving something; the value of the alternative that would be lost
Protectionism a policy that is designated to protect domestic producers of a good from foreign competitors
Quota a limit imposed on imported goods
Resources (factors of production) land, labor, capital, and entrepreneurial abilty that are used to satisfy human wants
Scarcity a condition where less of something exists than people demand; happens when resources are limited and cannot satisfy wants
Specialization the use of resources to produce one/few goods and services, exposed to many different goods and services
Tariff a tax imposed on a good that is from a foreign country
Tradeoff an exchange relationship of how much of one good/resource that is needed to get another good/resource
Voluntary exchange the exchange of one thing for something else under their own free choice
Voluntary restraint agreement (voluntary export restraint) exporting countries agree to voluntarily limit their exports to the importing country
Created by: allison.hemzacek
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