Identify the difference between absolute advantage and comparative
advantage
* 1
о
о
Absolute advantage when there is multiple countries that produces an item and
comparative is when multiple countries specialize in a product
Absolute advantage when there is only one country that produces an item and
comparative is when a country specializes in a product
Absolute advantage when there is multiple countries that produces an item and
comparative is when a country specializes in a product
Absolute advantage when there is only one country that produces an item and
comparative is when multiple countries specialize in a product

Question

30-05-2024
Business

Answered

Identify the difference between absolute advantage and comparative
advantage
* 1
о
о
Absolute advantage when there is multiple countries that produces an item and
comparative is when multiple countries specialize in a product
Absolute advantage when there is only one country that produces an item and
comparative is when a country specializes in a product
Absolute advantage when there is multiple countries that produces an item and
comparative is when a country specializes in a product
Absolute advantage when there is only one country that produces an item and
comparative is when multiple countries specialize in a product

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-05-30T09:13:17-04:00

Final answer:

Absolute advantage is about producing efficiently, while comparative advantage is about lower opportunity cost. Specialization based on comparative advantage benefits trade.

Explanation:

Absolute advantage refers to a country's ability to produce a specific good more efficiently using fewer resources, while comparative advantage occurs when a country can produce a good at a lower opportunity cost compared to other countries. Specializing based on comparative advantage leads to mutual benefits through trade.

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