3 Tutorials that teach Rationale: Comparative Advantage
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Rationale: Comparative Advantage

Rationale: Comparative Advantage

Author: Dan Laub

This lesson covers the Rationale: Comparative advantage -

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Introduction to Psychology

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Notes for "Rationale: Comparative Advantage"

 Key Terms

Opportunity cost

The sacrifice made by choosing one value or opportunity over another; the value of the forgone opportunity.


Comparative Advantage

Advantage conferred with a country to one goods production relative to another.


Absolute Advantage

Advantage conferred between two countries where one country clearly has a lead in the production of a given good relative to he amount of needed inputs.