Enhance Your Learning with Economics - Comparative Advantage Flash Cards for quick understanding
The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than others.
The value of the next best alternative that must be given up in order to obtain something else.
The ability of an individual, firm, or country to produce more of a good or service than others using the same amount of resources.
When a country specializes in producing the goods or services in which it has a lower opportunity cost compared to other countries.
The benefits that countries can achieve by specializing in the production of goods or services in which they have a comparative advantage and trading with other countries.
Factors such as natural resources, labor skills, technology, infrastructure, and government policies that can affect a country's comparative advantage in certain industries.
The specific goods or services that countries specialize in producing and trading based on their comparative advantage.
Factors such as transportation costs, trade barriers, and government interventions that can limit the extent to which countries can fully exploit their comparative advantage.
The ability of a country to provide certain services more efficiently and at a lower cost compared to other countries.
When a country has a lower opportunity cost in producing agricultural goods compared to other countries.
When a country has a lower opportunity cost in producing manufactured goods compared to other countries.
When a country has a lower opportunity cost in developing and producing technological goods or services compared to other countries.
When a country has a lower opportunity cost in extracting and utilizing natural resources compared to other countries.
When a country has a lower opportunity cost in utilizing its skilled workforce compared to other countries.
When a country has a lower opportunity cost in generating and implementing innovative ideas compared to other countries.
When a country has a lower opportunity cost in providing financial services compared to other countries.
When a country has a lower opportunity cost in attracting and serving tourists compared to other countries.
When a country has a lower opportunity cost in providing healthcare services compared to other countries.
When a country has a lower opportunity cost in producing and supplying energy compared to other countries.
When a country has a lower opportunity cost in developing and providing information technology services compared to other countries.
When a country has a lower opportunity cost in providing transportation services compared to other countries.
When a country has a lower opportunity cost in providing educational services compared to other countries.
When a country has a lower opportunity cost in producing and providing entertainment services compared to other countries.
When a country has a lower opportunity cost in operating and managing retail businesses compared to other countries.
When a country has a lower opportunity cost in constructing and developing infrastructure compared to other countries.
When a country has a lower opportunity cost in providing environmental services and solutions compared to other countries.
When a country has a lower opportunity cost in providing telecommunications services compared to other countries.
When a country has a lower opportunity cost in providing banking and financial services compared to other countries.
When a country has a lower opportunity cost in developing and managing real estate properties compared to other countries.
When a country has a lower opportunity cost in producing and supplying pharmaceutical products compared to other countries.
When a country has a lower opportunity cost in producing and manufacturing automobiles compared to other countries.
When a country has a lower opportunity cost in producing and developing aerospace technologies and products compared to other countries.
When a country has a lower opportunity cost in designing, producing, and marketing fashion products compared to other countries.
When a country has a lower opportunity cost in producing and supplying food and beverage products compared to other countries.
When a country has a lower opportunity cost in producing and providing media and advertising services compared to other countries.
When a country has a lower opportunity cost in organizing and hosting sports events and providing recreational services compared to other countries.
When a country has a lower opportunity cost in operating and managing e-commerce platforms and services compared to other countries.
When a country has a lower opportunity cost in producing and utilizing renewable energy sources compared to other countries.
When a country has a lower opportunity cost in conducting research and development in biotechnology compared to other countries.
When a country has a lower opportunity cost in managing and coordinating logistics and supply chain operations compared to other countries.
When a country has a lower opportunity cost in providing hospitality services and managing hotels and resorts compared to other countries.
When a country has a lower opportunity cost in providing insurance services and managing insurance companies compared to other countries.
When a country has a lower opportunity cost in providing consulting services and offering expert advice compared to other countries.
When a country has a lower opportunity cost in conducting market research and providing market analysis services compared to other countries.
When a country has a lower opportunity cost in providing legal services and practicing law compared to other countries.
When a country has a lower opportunity cost in operating and managing non-profit organizations and providing social services compared to other countries.
When a country has a lower opportunity cost in providing government services and managing public administration compared to other countries.