what is meant by opportunity cost?\nwhen many of the different stages of producing a good happen in…

what is meant by opportunity cost?\nwhen many of the different stages of producing a good happen in different geographic locations.\nthe goods in which a nation has its greatest productivity advantage or its smallest productivity disadvantage.\ninternational trade of goods within the same industry.\nwhatever must be given up to obtain something that is desired.\nquestion 29\n2 pts\nwhen nations increase production in their area of _______________ and trade with each other, both sides can benefit.\nrelative advantage\nabsolute advantage\ncomparative advantage\nopportunity cost

what is meant by opportunity cost?\nwhen many of the different stages of producing a good happen in different geographic locations.\nthe goods in which a nation has its greatest productivity advantage or its smallest productivity disadvantage.\ninternational trade of goods within the same industry.\nwhatever must be given up to obtain something that is desired.\nquestion 29\n2 pts\nwhen nations increase production in their area of _______________ and trade with each other, both sides can benefit.\nrelative advantage\nabsolute advantage\ncomparative advantage\nopportunity cost

Answer

Brief Explanations:

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