eco ch.2 Flashcards
1
Q
autarky
A
self sufficient, or no trade
2
Q
comparative advantage
A
one of you simply performs a task or chore better than other person
3
Q
concave
A
cave shaped
4
Q
convex
A
curves away
5
Q
exports
A
goods that exit your country
6
Q
imports
A
goods that enter your country’s ports
7
Q
marginal rate of substitution
A
how much you need to “swap out”, or substitute to gain more of the other product
8
Q
technology
A
a good change in production
9
Q
absolute advantage
A
a situation where a provider produces more goods than its competitors
