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How an item will be produced is called what?
opportunity cost
Law of Demand
import
absolute advantage
interdependence
the intersection of supply/demand curves
comparative advantage
productive resources
When countries depend on other countries
opportunity cost
Law of Demand
import
absolute advantage
interdependence
the intersection of supply/demand curves
comparative advantage
productive resources
How are prices determined?
opportunity cost
Law of Demand
import
absolute advantage
interdependence
the intersection of supply/demand curves
comparative advantage
productive resources
the value of your second best choice
opportunity cost
Law of Demand
import
absolute advantage
interdependence
the intersection of supply/demand curves
comparative advantage
productive resources
Having the advantage of producing certain goods is called what?
opportunity cost
Law of Demand
import
absolute advantage
interdependence
the intersection of supply/demand curves
comparative advantage
productive resources
to bring in or buy from other countries
opportunity cost
Law of Demand
import
absolute advantage
interdependence
the intersection of supply/demand curves
comparative advantage
productive resources
a country should concentrate on doing what it does best
opportunity cost
Law of Demand
import
absolute advantage
interdependence
the intersection of supply/demand curves
comparative advantage
productive resources
When price decreases, demand increases
opportunity cost
Law of Demand
import
absolute advantage
interdependence
the intersection of supply/demand curves
comparative advantage
productive resources
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