Difference between absolute and comparative advantage, Business Economics

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.

Posted Date: 8/27/2013 7:26:30 AM | Location : United States

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