Final answer:
Absolute advantage is producing more in a given time frame, while comparative advantage is having a lower opportunity cost. Countries trade to benefit from their comparative advantages.
Explanation:
Absolute advantage refers to the ability to produce more of a good in a given time frame compared to another person, while comparative advantage is when the opportunity cost of producing one good is lower for a person compared to another.
When two countries have different opportunity costs for producing goods, they can mutually benefit from trading due to comparative advantage. This leads to gains from trade through specialization in producing goods where each country has a comparative advantage.
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