ECN U3T1 Flashcards (Simplified front to back)

Front

Comparative advantage

Back

Lower opportunity cost of production

Front

Absolute advantage

Back

Produce commodities more efficiently

Front

Competitive advantage (nation)

Back

Capacity to innovate and upgrade

Front

Imports

Back

Goods entering Australia from overseas

Front

External stability

Back

No unwanted movements of foreign reserves

Front

Specialisation

Back

Use of resources in narrowly defined activities

Front

Intra-company trade

Back

Trade between affiliates of the same organisation

Front

Open economy

Back

Nation that trades with other nations

Front

Factor endowment

Back

Supply of factors of production in a country

Front

Human capital

Back

Knowledge, experience, and skills of individuals