Comparative and Absolute Advantage

Flashcard
•
Social Studies
•
12th Grade
•
Hard
Cindy Khaleeq
FREE Resource
Student preview

12 questions
Show all answers
1.
FLASHCARD QUESTION
Front
A benefit, profit, or value of something that must be given up to acquire or achieve something else.
Back
Opportunity Cost
2.
FLASHCARD QUESTION
Front
The benefit or advantage of an economy to be able to produce a commodity at a lesser opportunity cost than other entities is referred to as
Back
Comparative Advantage
3.
FLASHCARD QUESTION
Front
Opportunity Cost is often measured in?
Back
Production Time
4.
FLASHCARD QUESTION
Front
The nation's ability to produce general goods more efficiently than another entity is referred to as?
Back
Absolute Advantage
5.
FLASHCARD QUESTION
Front
To figure out a nation's comparative advantage, you compare their _________ to other entities?
Back
Opportunity Cost
6.
FLASHCARD QUESTION
Front
What promotes cheaper production costs, and the nation's economies are able to benefit?
Back
Comparative Advantage
7.
FLASHCARD QUESTION
Front
If Japan and the United States can both produce cars, but Japan can produce cars of a higher quality at a faster rate, then it is said to have an _____________________ in the auto industry.
Back
Absolute Advantage
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