0
A situation in which a country, individual, company or region can produce a good at a lower opportunity cost than that of a competitor
Wiki User
∙ 15y ago
A comparative advantage is the ability of a country, individual, or entity to produce a good or service at a lower opportunity cost than another. It is the foundation of international trade, where each party specializes in producing goods where they have a comparative advantage, leading to greater efficiency and overall economic benefits.
Wiki User
∙ 13y agoOne feels disappointed with the results if the comparison reveals weakness/inferiority.
Add your answer:
Earn +20 pts
The law of comparative advantage was developed by who?
The law of comparative advantage was developed by David Ricardo, an economist in the early 19th century. Ricardo's theory explains why countries specializing in the production of goods in which they have a lower opportunity cost can benefit from trade with other countries.
What describes the law of comparative costs?
The law of comparative advantage states that countries should specialize in producing goods and services in which they have a lower opportunity cost and trade with other countries to maximize overall production and benefit all parties involved. It is based on the principle that countries can improve their economic welfare by focusing on what they do best and trading for goods and services they are less efficient in producing.
What is the comparative and superlative of court oust?
The comparative form of "court" is "courter" and the superlative form is "courtest."
What is the most popular form of comparative negligence laws in the US?
The most popular form of comparative negligence in the US is the "modified comparative negligence with a 50% bar rule." Under this rule, a plaintiff can only recover damages if their degree of fault is less than the defendant's fault. If the plaintiff is found to be equally or more at fault than the defendant (50% or more), they are barred from recovering damages.
What is Purpose of comparative law?
The purpose of comparative law is to study and understand different legal systems across countries, regions, or cultures in order to identify similarities, differences, and areas for improvement. By analyzing how laws are applied and structured in various contexts, comparative law helps legal practitioners, scholars, and policymakers make informed decisions and develop more effective legal frameworks.
Has any company ever get comparative advantage in all good?
comparative advantage
Can you give me a sentence with the word comparative advantage?
i have a comparative advantage in sports when i play with the other girls
Define comparative advantage?
When a company or an individual makes a product or carry out a certain economic activity better than its competitors is called comparative advantage. A comparative advantage gives the company an advantage to make higher profits.
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 :)
How do you trade arise with comparative advantage?
Trade arises under comparative advantage because of differences in pretrade relative prices.
What is comparative advantage in Grenada?
give me the answer
How does outsourcing relate to the concepts of comparative advantage and efficiency?
How does outsourcing relate to the concepts of comparative advantage and efficiency?Read more: How_does_outsourcing_relate_to_the_concepts_of_comparative_advantage_and_efficiency
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.
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 term applies to this situation having a mechanic rather than dentist work on your automobile?
law of comparative advantage
What is Cambodia's comparative advantage?
Breast Milk
Specialization in a nation leads to?
comparative advantage
