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10 cards from this deck
Producing more output with same resources than another country
Opportunity cost - lowest opportunity cost = comparative advantage
Economies of scale and lower costs from longer production runs
Transport costs must not exceed output gains from specialisation
Each country must want to consume goods produced by the other
Where absolute advantage greatest vs where disadvantage smallest
Producing better quality goods at lower costs than rivals
Tax on imported goods that raises their price
Factors of production fixed, cannot move between countries
Soil erosion, pest vulnerability, declining future yields
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