Economics: Module 5 Note Taking Guide Match


Economics: Module 5 Note Taking Guide



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Economics: Module 5 Note Taking Guide

12. What does specialization do? _______________________________________________________________________

__________________________________________________________________________________________________

13. A _________________ _________________ is when a country has a lower opportunity cost than another country to produce a particular good or service.

14. There are two methods for determining opportunity cost: __________ method and the ____________ method.

a) ____________ method is used to determine the amount of output you get from a fixed set of resources or in a specific amount of time.

b) ____________ method is looking at how many resources (usually focusing on time length) it takes to complete 1 activity.

15. Discuss why the following are arguments to ban trade (give examples if helpful or relevant):




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