Differentiate comparative and absolute advantage, Macroeconomics

Assignment Help:

What is the difference between Comparative Advantage and Absolute Advantage?

Difference between Comparative Advantage and Absolute Advantage:

Comparative advantage: it is the opportunity cost of producing the good is lower for which individual than for other people.

Absolute advantage: When he or she can do this better than other people.

Attentive: Don’t confuse about comparative advantage along with absolute advantage!


Related Discussions:- Differentiate comparative and absolute advantage

The multiplier analysis , THE MULTIPLIER ANALYSIS  Multiplier analysis ...

THE MULTIPLIER ANALYSIS  Multiplier analysis explains what happens to circular flow of economic life when the behavior of one of the sectors or the components of aggregate dema

Trade unions, what reasons limit the bargaining power of trade union in dev...

what reasons limit the bargaining power of trade union in developing countries

Demographics of the customers, A firm conducted a research about the demogr...

A firm conducted a research about the demographics of their customers. For the study they collected data about the following variables: gender, marital status, credit rating (low,

What is difference between explicit cost and implicit cost, What are the di...

What are the difference between explicit cost and implicit cost? Both are concerns to Opportunity Cost and Decisions: An explicit cost is a cost which involves essentially

Define price elasticity of demand, Suppose the price elasticity of demand f...

Suppose the price elasticity of demand for used cars is estimated to be 3 what does this mean?

The supply and demand for oil in the us, Over the last year both the supply...

Over the last year both the supply and demand for oil in the US has gone up. What might have caused this and what happened to the price and quantity of oil?

Explain the economic functions of money - a unit of account, Explain the Ec...

Explain the Economic functions of money - A unit of account In a monetary economy, all prices may be expressed in monetary units which everyone may relate to. Without money,

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