Title: comparative and absolute advantage Flashcards | Quizlet
Headings: comparative and absolute advantage
comparative and absolute advantage
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Terms in this set (16)
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Content: Producers always use savings to improve products. Consumers can find a given product in more places. Prices decrease as a result of increased production efficiencies. _____________ is the act of limiting the types of goods and services produced. Production possibility
Absolute Advantage
Competition
Specialization
Specialization
Which most likely results from producers engaging in specialization? Producers reduce their costs. Producers increase their market share. Producers decrease the materials needed for production. Producers always offer more competitive pricing. Producers reduce their costs.