All through history, people from one society have () been trading with people from another. .
In the jargon of economics, the Phoenicians had() an open economy, and almost every economy since theirs has() been open too. , , .
However, another important reason for trading is(-) to exploit advantages. , , .
Economists talk about two types of advantage that an economy can have () over others: absolute advantage and comparative advantage. , : .
An economy has() absolute advantage when it can produce goods at a lower cost than other economies can, or they have resources that others dont have. , , , , .
For example, warm Mediterranean countries have() an absolute advantage in the production of olive oil., .
Many countries in Asia have() an absolute advantage in manufacturing electronic goods. .
The second kind of advantage is(-) comparative advantage. - .
The opportunity cost of something is (-) what you have () to give up in order to have () it. - , , .
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s, es, s 6 7 , .
| . .. | 3. . . Present Simple | |
| economies problems difficulties governments directions exports imports Countries countries governments tariffs imports taxes imports products decisions imports reasons imports goods industries jobs imports | brings manages means buys flows | Governments |
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1. In the jargon of economics, the Phoenicians had (Past Simple) an open economy, and almost every economy since theirs has been (Present Perfect) open too.
2. Whats more, if you allow (Present Simple) imports from other countries, then you will have (Future Simple) trading partnerships.
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3. Examples of invisible exports and imports include(Present Simple) banking services, insurance products, educational courses and tourism.
4. Every time a country manages(Present Simple) to sell a product or service abroad, this means(Present Simple) money will flow(Future Simple) into the economy.
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| Comparative | Superlative | |
| 1. high 2. good 3. cheap 4. dangerous 5. expensive | higher better cheaper moredangerous moreexpensive | the highest the best the cheapest the most dangerous themost expensive |
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