Difference between absolute and comparative advantage, Business Economics

Assignment Help:

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.


Related Discussions:- Difference between absolute and comparative advantage

Explain why it is important to plan the design of a website, QUESTION T...

QUESTION The first stage of e-Government involves the creation of a web presence through websites. Discuss the benefits and challenges of a governmental website and explain why

Economic viability of the rdf plant, Consider Fig 13-11. 1000 tons/day of m...

Consider Fig 13-11. 1000 tons/day of moist MSW are processed to yield 700 tpd of RDF product. Raw MSW heat value is 5,000 btu/lb. RDF is 8,000 btu/lb. How did processing increase

Firm, What is a firm

What is a firm

Explain about the long-run economic growth, Explain about the long-run econ...

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

What are the limits of development theories, What are the limits of develop...

What are the limits of development theories? Theories are generalisations: • When LDCs share similarities, each country is unique economic, cultural, social and historical

What do you understand by products differentiation, Question 1: Write s...

Question 1: Write short notes on any FOUR of the following: (equal marks each) (a) Law of diminishing returns (b) Barriers to entry (c) Consumption Function (d) Devaluati

Work of international monetary fund and world bank, Does the work of the In...

Does the work of the International Monetary Fund and World Bank overlap? Less developed countries turn to the: • International Monetary Fund to resolve debt repayment, exch

Economic order quantity, A manufacturing company has determined from an an...

A manufacturing company has determined from an analysis of its accounting and production data for a certain part that : a. Its demand is 9000 units per annum and is uniform

What are the assumptions of dependency theory, What are the assumptions of ...

What are the assumptions of dependency theory? The assumptions of dependency theory: Dependency theory extends Marx is theory of surplus value to international relationship

Write Your Message!

Captcha
Free Assignment Quote

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd