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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
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