About: Comparative advantage   Sponge Permalink

An Entity of Type : owl:Thing, within Data Space : 134.155.108.49:8890 associated with source dataset(s)

A country is said to have a comparative advantage in the production of a good or service if it can produce that good or service at a lower opportunity cost than another country. This concept should be distinguished from "absolute advantage," which reflects the quantity of productive resources that must be used, rather than what other goods or services must be given up by using those productive resources to make something else.

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  • Comparative advantage
rdfs:comment
  • A country is said to have a comparative advantage in the production of a good or service if it can produce that good or service at a lower opportunity cost than another country. This concept should be distinguished from "absolute advantage," which reflects the quantity of productive resources that must be used, rather than what other goods or services must be given up by using those productive resources to make something else.
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dcterms:subject
abstract
  • A country is said to have a comparative advantage in the production of a good or service if it can produce that good or service at a lower opportunity cost than another country. This concept should be distinguished from "absolute advantage," which reflects the quantity of productive resources that must be used, rather than what other goods or services must be given up by using those productive resources to make something else.
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