Unit 3 Economics Review

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1.
The ability of a nation to produce more of a good than another country using the same amount of resources.
2.
The ability to produce a good at a lower opportunity cost than another country
3.
The concentration of the productive efforts of businesses on a limited number of activities
4.
A tax on imported goods
5.
A government payment that supports a business or market
6.
A government imposed trade restriction that limits the amount of goods that can be imported or exported
7.
Provides loans and assistance to developing countries
8.
The shared need of countries for resources, goods, services, labor, and knowledge supplied by other countries