____________________ Were Items That Could Only Legally Be Shipped to England

question 115

Short Answer

____________________ were items that could only legally be shipped to England or another English colony.

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Definitions:

Comparative Advantage

The ability of an individual or country to produce a good or service at a lower opportunity cost than others.

Production Possibilities

A curve representing all possible combinations of two goods that can be produced within a given economy when resources are fully and efficiently utilized.

Specializes

Specialization involves focusing on a narrow area of knowledge or skill, often to improve efficiency or performance.