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Social Science Clinic => Economics => Microeconomics => Topic started by: melina_rosy on Jul 21, 2019

Title: What is the difference between comparative advantage and absolute advantage?
Post by: melina_rosy on Jul 21, 2019

What is the difference between comparative advantage and absolute advantage?

Title: What is the difference between comparative advantage and absolute advantage?
Post by: flannelavenger on Jul 21, 2019

Comparative advantage refers to the ability of one person or nation to produce a product at a lower opportunity cost than another person or nation. Absolute advantage refers to the ability of one person or nation to produce a product at a lower resource cost than another person or nation.