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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.
What is the rational for the optimal use of a variable input?
Why is the growth rate and significant for development? The rate of economic development is the percentage increase within real GDP over twelve months. • The higher rate of
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