- Individual- exists when a person can produce more of a certain good/service than someone else in the same amount of time
- National- exists when a country can produce more a good/service than another country can in the same time period
- Individual/National- exists when a n individual or nation can produce a good/service at a lower opportunity cost than another individual or nation
Comparative Advantage = lower opportunity cost
thank you for these notes, Courtney! They cleared up some confusion for me but these notes would be better if you went into further explanation about these topics.
ReplyDeleteGreat Blog! I like how straight to the point your information is. I would like to add that in comparative advantage, there are input and output problems. Input problems involve what can be produced using the least amount of resources, land, or time. Output problems are production, and lowest opportunity cost.
ReplyDeleteI want to share a testimony on how Le_Meridian funding service helped me with loan of 2,000,000.00 USD to finance my marijuana farm project , I'm very grateful and i promised to share this legit funding company to anyone looking for way to expand his or her business project.the company is UK/USA funding company. Anyone seeking for finance support should contact them on lfdsloans@outlook.com Or lfdsloans@lemeridianfds.com Mr Benjamin is also on whatsapp 1-989-394-3740 to make things easy for any applicant.
ReplyDelete