Absolute advantage and comparative advantage, economics, Microeconomics

Assignment Help:

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.

Related Discussions:- Absolute advantage and comparative advantage, economics

Indifference curve, Jane receives utility from days spent travelling on vac...

Jane receives utility from days spent travelling on vacation domestically(D) and days

Explain elasticity coefficient, The elasticity coefficient is a number meas...

The elasticity coefficient is a number measured using price and quantity data to verify how responsive consumers are to changes in the price of a commodity. The elasticity coeffic

Employment and unemployment policy, EMPLOYMENT AND UNEMPLOYMENT POLICY: ...

EMPLOYMENT AND UNEMPLOYMENT POLICY: Engagement of a person in any economic activity is central to the concept of identifying a worker. A worker is one who participates in any

How do you define a control in economics, A control in economics means a st...

A control in economics means a steady profit rate that is enhancing. Thus, after one year you could have £1mill profit then the next year £3mill profit etc.

Consumer equilibrium, what is equilibrium

what is equilibrium

Optimal use of variable input, explain optimal use of variable input?

explain optimal use of variable input?

Production possibilities curve, how to look a graph in different kind of pp...

how to look a graph in different kind of ppc in the graph when we see

Current event, Select a news article dated within the previous two months a...

Select a news article dated within the previous two months and analyze the issue using the economic concepts and theory learned in this class

Money multiplier, Should the bank not have anyone to lend the demand deposi...

Should the bank not have anyone to lend the demand deposit to (like that will ever happen) would the size of the money multiplier decrease? If so, why?

Explain the roles of economics theory, Explain the roles of economics theor...

Explain the roles of economics theory. Roles of Economic Theory An economic theory has three probable roles: a. This can be used to describe economic behavior and economi

Write Your Message!

Name

Email id

Message

Verfication Code

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!

Submit Assignment

User Account

All Pages