The name for the ability of one business entity to engage in production at a lower opportunity cost than another entity. Comparative advantage, rather than absolute advantage, is useful in determining what should be produced and what should be acquired though trade.
Related information about comparative advantage:
- Comparative advantage - Wikipedia, the free encyclopedia
In economics, the law of comparative advantage refers to the ability of a party to produce a particular good or service at a lower marginal and opportunity cost ...
- Comparative Advantage - Library of Economics and Liberty
Having a comparative advantage is not the same as being the best at something. In fact, someone can be completely unskilled at doing something, yet still have ...
- Comparative Advantage Definition | Investopedia
A situation in which a country, individual, company or region can produce a good at a lower opportunity cost than a competitor.
- Episode 34: Comparative Advantage & Trade - YouTube
Aug 1, 2009 ... Specialization according to absolute advantage and comparative advantage, and the resulting trade patterns. "Episode 34: Comparative ...
- Comparative Advantage
comparative advantage: A comparative advantage in producing or selling a good is possessed by an individual or country if they experience the lowest ...
- Comparative Advantage - World Trade Organization
Comparative Advantage. "What is prudence in the conduct of every private family, can scarce be folly in that of a great kingdom. If a foreign country can supply us ...
- Economists find evidence for famous hypothesis of 'comparative - MIT
Jun 19, 2012 ... David Ricardo's concept of “comparative advantage” is one of the most famous and venerable ideas in economics. Dating to 1817, Ricardo's ...
- "Comparative Advantage," The Freeman - Common Sense Economics
Comparative Advantage Part 1/21. The Freeman: Ideas on Liberty. By Dwight R. Lee. Dwight Lee (dlee@terry.uga.edu) is Ramsey Professor at the Terry College ...