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ABSOLUTE ADVANTAGE: The general ability to produced more goods using fewer resources. This idea of absolute advantage is important for trading that occurs between both people and nations. A nation can get an absolute advantage from an advanced level of technology or higher quality resources. For a person, an absolute advantage can result from natural abilities or the acquisition of human capital (education, training, or experience).

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Lesson 11: Circular Flow | Unit 4: Foreign Page: 18 of 22

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  • What happens to the circular flow by including the foreign sector.
  • How trade among nations is an extension of trade among members of the same country.
  • Exports as the flow coming from the foreign sector, joining GDP and going to the business sector.
  • Imports as the flow leaving the consumption, investment, government purchases stream and going to the foreign sector.

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HOW?

The allocation question that determines the way society's limited resources are combined in the production of goods and services. It can be stated as: How are society's limited resources combined to produce goods and services? This is one of three basic questions of allocation. The other two are What? and For Whom?

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[What's This?]

Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either a T-shirt commemorating the second moon landing or a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for strangers with large satchels of used undergarments.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost. "

-- John Quincy Adams, 6th US president

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