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AP Microeconomics›Unit 1: Basic Economic Concepts›Basic Economic Concepts

Economic Systems and Comparative Advantage

Market, command, and mixed economies allocate resources differently; specialization by comparative advantage creates gains from trade.

Economic systems
Comparative advantage
Terms of trade

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1Basic Economic Concepts

Scarcity and Opportunity Cost
Economic Systems and Comparative Advantage
Marginal Analysis and Utility

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Marginal Analysis and Utility

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Also called: comparative advantage, economic systems