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

1. Suppose the banking system has reserve of $750000, demand deposits of $2500000 and a reserve requirement of 20%. a. if the fed now purchases $125,000 worth of govt bonds from t


How much would the price of Good Z (Pz) have to change in order to increase the consumption of Good C by twenty five percent (25%)?

Q. What do you meant by Investment? Investment: Investment represents production which isn't consumed though rather is utilized in the production of other additional output. In

if nominal GDP in 2002 exceeds nominal GDP in 2001, did real output rise?

what happen when a new resources has been discovered for computer

when total production fall what,s the status of average product and marginal product

Analyze the various ways in which property rights encourage economic development and make at least one recommendation for improving current laws. Explain your rationale.