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

Average cholesterol level, In a sample of 80 people who have had strokes, t...

In a sample of 80 people who have had strokes, the average cholesterol level was 250 with a standard deviation of 70. In order to test the hypothesis (at the 5% level of significan

Institutional setting for trade policy formulation, Institutional Setting f...

Institutional Setting for Trade Policy Formulation: While the Ministry of Commerce has the main responsibility of formulating India's trade policy, it also seeks policy inputs

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

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

Walmart''s strategy of an elements, Elements of Walmart's strategy have evo...

Elements of Walmart's strategy have evolved in meaningful ways since the company's founding in 1962. Prepare a one page report that discusses how its strategy has evolved after rev

Determine the net terminal year cash flow, A company is assessing a propose...

A company is assessing a proposed 4-year project.  The depreciable cost will involve the following: $300,000 for the equipment, $20,000 for shipping, and $30,000 for installation.

Balance of payments, factors that causes the shifts in balance of payments...

factors that causes the shifts in balance of payments

Is consumption depend on GDP in the cross model, Q. Is Consumption depend o...

Q. Is Consumption depend on GDP in the cross model? Aggregate demand The consumption function Consumption C(Y) depends positively on GDP in the cross

Lower tax rates, Is it true that government revenues are increased because ...

Is it true that government revenues are increased because of lower tax rates? Ans) It is true to a point. The Laffer curve determines that revenues enhance as the tax rates rise

Unemployment, Who is considered unemployed?

Who is considered unemployed?

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