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Ellie and Brendan both produce apple pies and vanilla ice cream. If Ellie's opportunity cost of one apple pie is 1/2 gallon of ice cream and Brendan's opportunity cost of one apple pie is 1/4 gallon of ice cream, Ellie has a comparative advantage in the production of ice cream.
Purchasing Power
The measure of what one unit of currency can buy in terms of goods or services.
Compounded Monthly
The practice of calculating interest on the principal and the accumulated interest each month.
Compounded Semiannually
Interest that is calculated and added to the principal balance twice a year.
Equivalent Rate
The interest rate that would produce the same compounded financial result over a specific period as a differently compounded interest rate.
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