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Comparative Advantage

Comparative advantage is the concept that a country or individual has a competitive advantage in the production of a particular good or service due to lower opportunity costs. This means that the country or individual can produce the good or service at a lower cost than its trading partners, and thus can benefit from specializing in its production and trading with other countries or individuals. Continue Reading Below  

About Comparative Advantage

Comparative advantage is the concept that a country or individual has a competitive advantage in the production of a particular good or service due to lower opportunity costs. This means that the country or individual can produce the good or service at a lower cost than its trading partners, and thus can benefit from specializing in its production and trading with other countries or individuals.
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