In a brief paragraph discuss the difference between absolute and comparative advantage identify an example of how comparative advantage prompts trade

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In a brief paragraph discuss the difference between absolute and comparative advantage identify an example of how comparative advantage prompts trade

In a brief paragraph discuss the difference between absolute and comparative advantage identify an example of how comparative advantage prompts trade
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For the answer to the question above, comparative advantage refers to the ability of a party to produce a particular good or service at a lower opportunity cost than another. Even if one country has an absolute advantage in producing all goods, different countries could still have different comparative advantages.



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