unit 4: THE INTERNATIONAL ECONOMY
Vocabulary:
absolute advantage - The ability of a firm or individual to produce goods and/or services at a lower opportunity cost than other firms or individuals. A comparative advantage gives a company the ability to sell goods and services at a lower price than its competitors and realize stronger sales margins. (from Investopedia)
comparative advantage - The ability of a firm, individual, or country to produce goods and/or services at a lower opportunity cost than other firms, individuals, or countries. A comparative advantage gives a company the ability to sell goods and services at a lower price than its competitors and realize stronger sales margins. (from Investopedia)
import - A good or service brought into one country from another. (from Investopedia)
export - A function of international trade whereby goods produced in one country are shipped to another country for future sale or trade. (from Investopedia)
absolute advantage - The ability of a firm or individual to produce goods and/or services at a lower opportunity cost than other firms or individuals. A comparative advantage gives a company the ability to sell goods and services at a lower price than its competitors and realize stronger sales margins. (from Investopedia)
comparative advantage - The ability of a firm, individual, or country to produce goods and/or services at a lower opportunity cost than other firms, individuals, or countries. A comparative advantage gives a company the ability to sell goods and services at a lower price than its competitors and realize stronger sales margins. (from Investopedia)
import - A good or service brought into one country from another. (from Investopedia)
export - A function of international trade whereby goods produced in one country are shipped to another country for future sale or trade. (from Investopedia)