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What the concept of absolute advantage and comparative advantage?

April 26, 2017advantage comparative concept

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What the concept of absolute advantage and comparative advantage?

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Absolute advantage refers to the ability of a party (an individual, or firm, or country) to produce more of a good or service than competitors, using the same amount of resources. Comparative advantage which refers to the ability to produce a particular good at a lower opportunity cost. Live long and ChaCha!