Advantages
Comparative Advantage
One economic group producing the same amount of something at a lower cost
Macro Economics
The branch of economics that studies how the economy as a whole forms
Free Trade
Where goods and services are exchanged across boarders freely
Globalization
The increasing interconnectedness and integration of economics, culture, and populations worldwide
Maine’s capital
Augusta
Absolute Advantage
One economic group producing more than another
Micro Economics
The branch of economics that studies the behavior of individual economic units
Specialization
Becoming an expert in a particular subject or skill.
Protectionism
Where the government tries to protect or promote their domestic industries
Who wrote I Am The Messenger?
Markus Zusak
Competitive Advantage
A company that has a circumstance that makes them able to produce more of something at a lower cost
Imports
The act of earning goods that were exported from other areas
Tariffs
Tax on goods or services that are imported or exported between countries
Opportunity Costs
How much of something is lost by gaining something else. Sacrifice over gain.
Exports
The act of giving/trading goods to other areas
Scarcity
Having a shortage of goods
Rent-seeking
The practice of manipulating public policy, economic conditions to increase profits. Privilege or power, usually malicious