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Unformatted text preview: those that people value most highlyit is not possible to produce more of a good or service without giving up some of another good that people value more highly Economic growth-The sustained expansion of production possibilities Comparative advantage-The ability of a person to perform an activity or produce a good or service at a lower opportunity cost then someone else Absolute advantage-When one person is more production than another person in several or even all activities...
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This note was uploaded on 04/17/2008 for the course ECON 201 taught by Professor Dr.sharma during the Spring '08 term at Ohio State.
- Spring '08