Difference between absolute and comparative advantage, Business Economics

Assignment Help:

What is the difference between absolute and comparative advantage?

Difference between absolute and comparative advantage:

• Absolute advantage arises while a country or region can create more of a product with the same factor inputs.

• Comparative advantage exists while a country has lower opportunity cost into a good or service production.


Related Discussions:- Difference between absolute and comparative advantage

What is function of world trade organisation, What is the function of World...

What is the function of World Trade Organisation in the promotion of development? The World Trade Organization (WTO) is international association dealing along with the global

Acknowledge a union through a card check, 1) True or False: Elections under...

1) True or False: Elections under the NLRA were intended to replace the need for striking in order to have a union recognized. 2) True or False: Companies can voluntarily acknow

Price discrimination, (Price Discrimination) A. Indicate the types of pr...

(Price Discrimination) A. Indicate the types of price discrimination for the cases below. Based on the above examples, explain the difference among these types of price discrimi

Estimate the short-run and long-run elasticities, Consider the following mo...

Consider the following model: Y*i= β 0 X t β 1e U t a)  Using the stock adjustment model, estimate the short-run and long-run elasticities b) Comment on the following pr

Problem of agricultural price instability in countries, Is agricultural pri...

Is agricultural price instability a problem for Less Developed Countries? Problem of agricultural price instability for LDCs: a. Several Less Developed Countries have a com

Differentiate between absolute and relative poverty, QUESTION (a) Defin...

QUESTION (a) Define a public good and discuss how free riding might be a problem in the provision of a public good. (b) What is the rationale for government intervention in

Fiscal policy and budget deficit, Question 1: (a) How do taxes affect t...

Question 1: (a) How do taxes affect the economic well-being of market participants? (b) Explain the link between fiscal policy and budget deficit. (c) What are the factor

Ethics, Discuss Morality in international context

Discuss Morality in international context

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd