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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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Terms to Know
Absolute Advantage

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

Comparative Advantage

Advantage conferred with a country to one good's production relative to another.

Opportunity Cost

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