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Unformatted text preview: group to another. Product and Resource Markets Product markets are markets in which goods and services produced by firms are sold. Resource markets are markets in which owners of productive resources sell these to producers. Comparative Advantage The idea that output will be maximized if people specialize in producing those goods or services for which their opportunity costs are lowest and engage in exchange to obtain other things they want....
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This note was uploaded on 01/13/2012 for the course ECON 2306 taught by Professor Kamara during the Spring '11 term at University of Texas at Austin.
- Spring '11