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

Rationale: Comparative Advantage

Author: Colton Cranston

This lesson covers the Rationale: Comparative advantage -

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Introduction to Psychology

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Notes on "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.