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

Npv, The cash flows (CF t ) associated with an investment are listed below ...

The cash flows (CF t ) associated with an investment are listed below (assume that each cash flow occurs at the beginning of each year):                         CF 0   = -200

#title.national income ddetermkination, explain how national income is dete...

explain how national income is determined under the following economies; 1.frugal economy 2.governed economy

U.k. produces and imports eggs, The U.K. produces and imports eggs. Suppose...

The U.K. produces and imports eggs. Suppose that the government imposed a quota on imports: Foreign suppliers could export no more than Q eggs (regardless of price). What effect do

What degree of elasticity does chipotle burritos exhibit, Economists estima...

Economists estimate the short run elasticity of demand for a Chipotle burrito is -2.25. i)    What degree of elasticity does Chipotle burritos exhibit? ii)    A 1% change in

The aggregate demand curve, The aggregate demand curve shows the combinatio...

The aggregate demand curve shows the combinations of the price level and the level of output at which the goods and money markets are simultaneously in equilibrium. Let us now go o

Main causes of inflation in an economy, Question 1: Differentiate betwe...

Question 1: Differentiate between income, price and cross elasticities of demand. How will the concept of price elasticity be useful to the owner of a supermarket who wan

SARB, REASONS TO NATIONALISE SARB

REASONS TO NATIONALISE SARB

Illustrate an example of consumer price index, Illustrate an example of Con...

Illustrate an example of Consumer Price Index For instance, if we spend twice as much on apples as on pears, apples would have twice the weight in basket. The precise details o

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