comparative advantage
absolute advantage is when a country,company, indivdual or region can produce a good better and at a cheaper cost than any other competitor.
Comparative advantage :)
Yes, a country has a comparative advantage in the production of a good when it can produce that good at a lower opportunity cost compared to other countries.
A comparative advantage in the production of a good exists in a country when it can produce that good at a lower opportunity cost compared to other countries.
Comparative Advantage.
absolute advantage is when a country,company, indivdual or region can produce a good better and at a cheaper cost than any other competitor.
Comparative advantage :)
Yes, a country has a comparative advantage in the production of a good when it can produce that good at a lower opportunity cost compared to other countries.
A comparative advantage in the production of a good exists in a country when it can produce that good at a lower opportunity cost compared to other countries.
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.
Comparative Advantage.
An economy can have a comparative advantage in the production of one good when it can produce that good at a lower opportunity cost compared to other goods. This means that the economy can produce the good more efficiently, allowing it to specialize in that particular product and trade with other economies for goods in which they have a comparative advantage.
a country that makes the good it produuces
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.
a country that makes the good it produuces
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.
Absolute advantage is when a producer can produce a good using less resources than their competitor(s), whereas comparative advantage is when a producer does not hold the absolute advantage but their ratio in producing a good is smaller. Example: Brian can type 30 words per minute and iron 10 shirts per house. John can type 15 words per minute and iron 8 shirts per hour. Though Brian has the absolute advantage in ironing, John has the comparative advantage.