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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.
There are three industrial firms in a quaint town of South Orange where the municipal government wants to reduce pollution to 120 units from uncontrolled level of 210 units. Three
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Question 1 Part A - The following schedule shows the market for oranges. Use this data to answer the questions below. Provide full calculations for all your answers. (i)
explain the role scarcity of resources plays in economic decision making
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Explain about the long-run economic growth. Long-Run Economic Growth: Secular or long-run growth is the continued upward trend into aggregate output per person over many
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When it works, government "industrial policy" that funnels critical capital to just the right ventures and facilitates market coordination-in contrast to usually messy market compe
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