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Comparative Advantage
The ability to produce goods and services at a lower opportunity cost than that of trade partners. If someone has a lower opportunity cost of producing a given service, that person enjoys a comparative advantage in the production of that service.
What generates comparative advantage? We look briefly at geography, factor proportions, increasing returns to scale and institutions such as labor market flexibility.
What generates comparative advantage? We look briefly at geography, factor proportions, increasing returns to scale and institutions such as labor market flexibility.
