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

Gay lussac''s law of gaseous volumes, Gay Lussac''s law of gaseous volumes:...

Gay Lussac''s law of gaseous volumes: While gases react with each other they always do so in volumes that bears a simple ratio to one and another or to the volumes of the products

Demand and supply, During the 1990s, technological advance reduced the cost...

During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use supply and demand diagrams, how the following markets are affected in terms of pr

What is the benefit of economics in our life, What is the benefit (main wor...

What is the benefit (main work) of economics in our life? Economics plays a very important role in development of a country. A country's economy shows the stability of that co

Pigou''s welfare economics.., market failure

market failure

Micro, Using tools of indifference curve, highlight on consumption in busin...

Using tools of indifference curve, highlight on consumption in business economics.

Sales revenue, how advertisement affects the sales revenue of a firm ?

how advertisement affects the sales revenue of a firm ?

National income accounting, National income accounting: Final Goods: ...

National income accounting: Final Goods: Final goods are goods and services which are being purchased for final use and not for resale or further processing or manufacturing

Demand and supply curve with externalities, # 1 Question: Consider a compet...

# 1 Question: Consider a competitive market for Berries. The market demand for the berries is Qd=50-P (Qd is the quantity demanded (cartons) and P is the price in $. The market sup

Marginal social benefit, Consider the following information relating to the...

Consider the following information relating to the pulp market. Demand Supply Output(tonnes/ da

Explain the relationship between money supply and inflation, Problem 1: ...

Problem 1: a. Describe the term ‘inflation' and explain the relationship between money supply and inflation. b. Describe the conditions and processes that are associated wi

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages