Question

what is meant by opportunity cost?
when many of the different stages of producing a good happen in different geographic locations.
the goods in which a nation has its greatest productivity advantage or its smallest productivity disadvantage.
international trade of goods within the same industry.
whatever must be given up to obtain something that is desired.
question 29
2 pts
when nations increase production in their area of _______________ and trade with each other, both sides can benefit.
relative advantage
absolute advantage
comparative advantage
opportunity cost

Explanation:

Opportunity cost is defined as what one has to give up to get something desired. In the context of trade, when nations trade based on their comparative - advantage (producing goods with lower opportunity cost), both can benefit.

Answer:

For the first question: Whatever must be given up to obtain something that is desired.
For the second question: comparative advantage