Question

Absolute advantage vs comparative advantage

Answer 1

Difference between absolute cost advantage and comparative cost advantageBoth terms deal with production, goods and services. Absolute advantage is a condition in which a country can produce particular goods at a lower cost in comparison to another country. ... When compared to comparative advantage,absolute advantage is concerned with multiple goods.

Answer 2

Answer:

Absolute advantage is achieved when one producer is able to produce a competitive product using fewer resources, or the same resources in less time. Comparative advantage considers the opportunity cost when assessing the viability of a product, accounting for alternative products.

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