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What is the difference between absolute and comparative advantage?

Charlotte Scott | 2023-04-08 14:09:30 | page views：1459
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Ethan Turner

Works at the International Seabed Authority, Lives in Kingston, Jamaica.
Comparative advantage refers to the ability of a party to produce a particular good or service at a lower opportunity cost than another. Even if one country has an absolute advantage in producing all goods, different countries could still have different comparative advantages.
2023-04-14 14:09:30
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Harper Ward

QuesHub.com delivers expert answers and knowledge to you.
Comparative advantage refers to the ability of a party to produce a particular good or service at a lower opportunity cost than another. Even if one country has an absolute advantage in producing all goods, different countries could still have different comparative advantages.
Introduction to International Trade | Boundless Economics
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