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What is the ability of an entity to produce a good at an opportunity cost that is lower than that of another producer?
Comparative advantage :)
Difference between absolute cost advantage theory and comparative cost advantage theory?
absolute cost advantage talks about the efficiency and cheaply a country incure in the production of goods and services against other country whiles comparative advantage talks about the opotunity cost of goods
What is the ability to produce a good or service at a lower opportunity cost than other producers incur is known as?
Comparative Advantage.
What is the application for the principle of international trade?
comparative cost advantage
Which describes comparative advantage?
Existence of lower opportunity cost then competitors
What is the ability of an entity to produce a good at an opportunity cost that is lower than that of another producer?
Comparative advantage :)
Difference between absolute cost advantage theory and comparative cost advantage theory?
absolute cost advantage talks about the efficiency and cheaply a country incure in the production of goods and services against other country whiles comparative advantage talks about the opotunity cost of goods
What Comparative advantage?
A country has comparative advantage if it can produce a good for less cost than any other nation. (study island)A comparative advantage is the condition that exists when someone can produce a good or service at a lower opportunity cost than someone else.
What is the ability to produce a good or service at a lower opportunity cost than other producers incur is known as?
Comparative Advantage.
What is the application for the principle of international trade?
comparative cost advantage
Can you put comparative advantage in a sentence?
One sentence that uses "comparative advantage" in a sentence is, "A small business has a comparative advantage." The phrase pertains to the capability of a company to produces goods and services which are lower in cost compared to other companies.
Which describes comparative advantage?
Existence of lower opportunity cost then competitors
How is a comparative advantage obtained?
by producing a product with a lower opportunity cost
What is the Difference between competitive and comparative advantage?
Competitive advantage: ability to produce a unit for strictly less cost than someone else. Comparative advantage: ability produce a unit for less opportunity cost than someone else.
The total output of a group of individuals and the entire economy will increase when each good is produced at the lowest cost?
law of comparative advantage(Kaylop)
Will a nation tend to export or import goods which it has a comparative advantage?
A nation will export goods for which it has a comparative advantage. By exporting goods, it has the comparative advantage because it means they have a lower opportunity cost for producing the good. A country can produce it well and can produce most likely a lot of it.
What does Canada produce in comparative advantage?
Lumber for one... wheat. There are many. Simply think of what products or services Canada has a low-cost for. In other words, if the product has a low opportunity cost to another product, then chances are that country will export or "produce" in comparative advantage.
