Absolute advantage and comparative advantage, economics, Microeconomics

Absolute advantage is the simplest yardstick of economic performance and it may be simply describe as If one person or a firm or a country may produce more of something with the same amount of effort & resources, and they have an absolute advantage over there with other producers. The best at something does not mean which doing that thing is the best way to use your scarce economic resources. Both absolute & comparative advantage may vary significantly over time.
Posted Date: 2/3/2012 11:46:59 PM | Location : United States







Related Discussions:- Absolute advantage and comparative advantage, economics, Assignment Help, Ask Question on Absolute advantage and comparative advantage, economics, Get Answer, Expert's Help, Absolute advantage and comparative advantage, economics Discussions

Write discussion on Absolute advantage and comparative advantage, economics
Your posts are moderated
Related Questions

Learning curve implies:  1) The requirement of labor falls per unit.  2) Costs will be high at 1 st and then will fall with learning.  3) After eight years the labor requ

shows teh steps in unitary mehod

You are considering whether or not to go to graduate school. Well… there are many things to consider, of course, such as the type of job you would thus get, the opportunity to live



Assume that the market for lamb is perfectly competitive. Using an appropriate model (or models) illustrate and explain a. How a competitive market arrives at equilibrium

A 1500 word research paper on the economic, social or environmental effects of the widespread use of robots in factories (this meets Learning Outcome 4)

Terms of Trade: The ratio of average price of a country's exports, to average price of its imports, is its terms of trade. Theoretically an improvement in a country's terms of trad

Current Daily Status(CDS): The reference periods (i.e. a year, a week and a day) are basically used to describe the period for which the workers are employed in the economy. T