APS 专业审核考试 宏观经济学.docVIP

. . Economics Absolute advantage: ability of a party (an individual, or firm, or country) to produce more of a good or service than competitors, using the same amount of resources. Comparative advantage: the ability of a party to produce a particular good or service at a lower opportunity cost over another. Even if one country is more efficient in the production of all goods (absolute advantage in all goods) than the other, both countries will still gain by trading with each other, as long as they have different relative efficiencies. Opportunity cost: the loss of potential gain from other al