Explain this difference between absolute advantage and
comparative advantage. If a country has an absolute advantage in
everything, can it still benefit from trade? Why or why not?
What does absolute advantage mean? How do you calculate absolute
advantage? What does comparative advantage mean? How do you
calculate comparative advantage? Does a country with the absolute
advantage in the production of a good always have the comparative
advantage producing that good? Explain your reasoning.
Compare and contrast the theory of absolute advantage and the
theory of comparative advantage. What is the significancr of each
in developing a nation's policies.
Thanks
Discussion Assignment: Compare and contrast Comparative
Advantage with Absolute Advantage. Do these have a place in today's
world? Please make sure to review the concepts in your book.
Absolute Advantage: "Ability of a nation to produce a good more
efficiently than any other nation." (Wild & Wild, 2018, pag.
137) Comparative Advantage: "Inability of a nation to produce a
good more efficiently than other nations but an ability to produce
that good more efficiently that it does any other good."...