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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!
What is gross national income per capita The absolute difference in gross national income per capita is 29,828 PPP$ that means UK income per capita is approximately 860% higher
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Explain the concept of diminishing returns to labor.
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Ask question difference between static multiplier and dyanamic multiplier
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