When economists say that an individual or country has the comparative advantage in the production of a good, it means that they:_______.

Question

28-07-2022
Business

contestada

When economists say that an individual or country has the comparative advantage in the production of a good, it means that they:_______.

Respuesta :

Otras preguntas

When the forward rate of reaction is greater than the reverse rate of reaction, the reaction has reached a state of balance called chemical equilibrium. Tru

Find the values of A in A = 3x when x equals the given amount x = 8 A =

What is the equation for calculating a machine's efficiency? I searched all over my textbook and couldn't find it, so I decided to post my question here.

Read the excerpt from Iqbal. Iqbal was released from the Tomb three days later. When we saw him walk across the courtyard on wobbly legs, blinded by the light,

how can you tell if a number is divisible by 3

What theme is best depicted at the end of the Odyssey when Ulysses and the other people of Ithaca stop fighting on Minerva's command? Illusion Loyalty Piety Fea

Drug use prevention often involves partnerships between schools, communities, and law enforcement because __________. A. preventing illegal drug use requires a

A deer that grazes on grasses would be considered a decomposer primary consumer tertiary consumer secondary consumer

In Psalm 19, the psalmist writes that the "judgments of the Lord" are more to be desired than gold and sweeter than honey. Why does he make this comparison? A.

what type of erosion is mostly likely to occur during a flood

Tutorconsortium323 Tutorconsortium323 · Answer 1 · 2022-08-06T15:13:57+02:00

When economists say that an individual or country has the comparative advantage in the production of a good, it means that they: are the lowest-opportunity-cost producer of the good.

What is Comparative Advantage?

Comparative advantage is the ability of a country to produce a good or service for a lower opportunity cost than other countries.

Comparative advantage refers to the ability to produce goods and services at a lower opportunity cost, not necessarily at a greater volume or quality. Comparative advantage is a key insight that trade will still occur even if one country has an absolute advantage in all products.

Opportunity cost measures a trade-off. A nation with a comparative advantage makes the trade-off worthwhile. This means the benefits of buying its good or service outweigh the disadvantages. The country may not be the best at producing something, but the good or service has a low opportunity cost for other countries to import.

Learn more about Comparative Advantage on:

brainly.com/question/4461081

#SPJ4