Reading Selections:
On The Internet:
Alternatives and
Supplements
- Glossary
Who's
Who
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After you complete this unit, you should be able to:
- Define production-possibilities frontier, and budget
constraint. comparative advantage, tariff, quota, terms
of trade, zero-sum game, positive-sum game, and
negative-sum game.
- Explain how specialization and exchange can result in
a consumption-possibilities frontier that is more
favorable than one's production-possibilities
frontier.
- Compute opportunity costs when given information
about production possibilities.
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