(See related pages)
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1. Demonstrate opportunity cost with a production possibility curve. |
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2. State the principle of increasing marginal opportunity cost. |
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3. Relate the concept of comparative advantage to the production possibility curve. |
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4. State how, through comparative advantage and trade, countries can consume beyond their production possibilities. |
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5. Explain how globalization and outsourcing are part of a global process guided by the law of one price. |