Term
Comparative Advantage
What is Condition that occurs when someone can produce at a lower opportunity cost than other producers?
A table that shows the quantity of a good or services that producers are willing to supply at different prices
What is Supply Schedule?
Sadia Arabia's oil production capacity cap
What is Absolute Advantage?
The total amount of goods and services offered for sale at various prices
What is Supply?
Subsidies
What is government support for domestic producers?
Monopolistic Competition
What is A market structure characterized by many producers supplying similar but varied products with few barriers to entry to the market.
A Market structure characterized by many producers supplying the same product and very few barriers to entry in the market.
Pure Competition
Buying from Temu
Free Trade
A good or service produced in one country and sold to another
What is Export?
Specialization
Tariffs
What is import taxes
The way a market is organized, based on the number of sellers, type of products and how much control businesses have over prices
Mexico and USA making cars and grain. USA focus on cars and Mexico on grain.
A table that shows the quantity of a good service that consumers are willing and able to buy at different prices
What is Demand Schedule?
Pure Competition
Import
What is a good or service brought into one country from another for sale?
Market structure characterized by very few producers supplying similar products with high barriers to entry in the market.
What is Oligopoly
ATT is a what
What is Monopoly?
Import quantity limits
What is Quotas?
Market
What is an arrangement that bring sellers and buyers together for economic transactions?
Production possibilities Curve (PPC)
What is A graph that shows the maximum possible combinations of two goods or services an economy can produce with hits limited resources?
The specific amount of a good or service that consumers are willing and able to purchase at a given price
What is Quantity Demanded?
During Covid the _____ was high for toilet paper
The price at which the quantity supplied in the market matches the quantity demanded in the market
What is Equilibrium price?
Quantity Supplied