Match each of the terms below with its definition.
Comparative
advantage
The ability to produce
more cheaply
Absolute
advantage
The existence of lower
opportunity costs than
competitors
Specialization
The performance of a
particular progrictive task
within an economic
system
Protectionism
The existence of barriers
to free-flowing trade

Absolute  advantage: The ability to produce  more cheaply.

Comparative  advantage: The existence of lower  opportunity costs than  competitors.

Specialization: The performance of a  particular task  within an economic  system.

Protectionism: The existence of barriers  to free-flowing trade.

Explanation:

The four terms that are defined above have to do with trade and the economic theories behind the different trade policies that countries employ. Protectionism is employed when countries want to avoid trade with outside countries and to lower competition with outside countries. Therefore, a country may impose tariffs that make importing goods very expensive. A country will have an absolute advantage in a product if they can make it much cheaper than another country. For example, timber products in Canada will cost less because they have an abundance of forests compared to other countries. A country may have an absolute advantage in one industry but that still may not be its comparative advantage. The country will have to weigh the trading opportunity costs are. Say that one country has no farmland but it has lots of oil. The other country has farmland and oil, but is willing to forgo trading oil in order to trade food for oil with the other country because the opportunity costs for forgoing oil are lower. Now the second country has a comparative advantage in food and the first country has a comparative advantage in oil.   David Ricardo believed that comparative advantage would lead to specialization as in countries would specialize in the products they have a comparative advantage in.

the group i'm selecting: greeks.

a first group of greek immigrants came to the us in the 1850s. the second group came to america starting in the 1890s due to economic opportunities they didn't have back in their home caused by the hardships of ottoman rule. greek immigration was 90% male, many of them expected to work and return to greece after earning enough capital, but ultimately had to remain in the us after the greek genocide.

d. dr. francis collins