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Category > Economics Posted 22 Jun 2017 My Price 4.00

comparative advantage

"Economists use the term comparative advantage when describing the opportunity costs faced by two producers. The producer who gives up less of other goods to produce Good X has the smaller opportunity cost of producing Good X and is said to have a comparative advantage in producing it." 

 

"The gains from specialization and trade are based not on absolute advantage but on comparative advantage. When each person specializes in producing the good for which he or she has a comparative advantage, total production in the economy rises. This increase in the size of the economic pie can be used to make everyone better off."

 

How important, in your opinion, are the issues addressed in these two paragraphs and why?

 

Source:

https://phoenix.vitalsource.com/#/books/9781305727625/cfi/4/8!/4/2/16/10/16/2@0:100

Answers

SuperTutor
(15)
Status NEW Posted 22 Jun 2017 05:06 AM My Price 4.00

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