Specialization and Trade
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more goods and services can be produced and traded for other
necessities.
,Absolute Advantage
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if you can produce more of a good with the same amount of resources as
someone else or if you can use fewer resources.
Quantity Demanded
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the amount of a good that households want to consume given their income
and prices in a given time (willing and able).
Economics
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The study of the choices that individuals make given the presence of
scarcity, how human beings coordinate their wants (how society manages
scarce resources).
Competitive Market
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, a market in which there are many buyers and sellers so that each has a
negligible impact on the market price.
Tequila is produced in Mexico and Bourbon is produced in Kentucky. If NAFTA, the
North American Free Trade Agreement, is taken away there will be barriers to trade
between Mexico and Kentucky. What is likely to happen in this situation?
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Kentucky would consume less Bourbon and Tequila.
Positive Statement
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a statement that can be tested, proven or disproven.
Land
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water, air, oil, natural resources.
Inferior Good
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more goods and services can be produced and traded for other
necessities.
,Absolute Advantage
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if you can produce more of a good with the same amount of resources as
someone else or if you can use fewer resources.
Quantity Demanded
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the amount of a good that households want to consume given their income
and prices in a given time (willing and able).
Economics
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The study of the choices that individuals make given the presence of
scarcity, how human beings coordinate their wants (how society manages
scarce resources).
Competitive Market
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, a market in which there are many buyers and sellers so that each has a
negligible impact on the market price.
Tequila is produced in Mexico and Bourbon is produced in Kentucky. If NAFTA, the
North American Free Trade Agreement, is taken away there will be barriers to trade
between Mexico and Kentucky. What is likely to happen in this situation?
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Kentucky would consume less Bourbon and Tequila.
Positive Statement
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a statement that can be tested, proven or disproven.
Land
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water, air, oil, natural resources.
Inferior Good
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