What is comparative advantage and why is it important in international trade quizlet?
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Statistics for Business and Economics13th EditionDavid R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams 1,692 solutions What is comparative advantage in international trade and why is it important?Comparative advantage is an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners. Comparative advantage is used to explain why companies, countries, or individuals can benefit from trade.
Why is the concept of comparative advantage important quizlet?Why is the concept of comparative advantage important? It implies all countries can benefit from trade even if one country has an absolute advantage in the production of all goods.
What is comparative advantage quizlet?Comparative advantage refers to the ability to produce goods and services at a lower opportunity COST, not necessarily at a greater volume.
What is the meaning of comparative advantage in trade?Comparative advantage in trade terms means that one company can produce the same product or service at a lower cost than the other. International Trade can be more successful when companies realize they need to produce more goods than their rivals with an equal amount of resources.
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