Unlock the full potential of your projects.
Show full map
Copy and edit map Copy

Absolute & Comparative Advantage

Other
MA
Mark A Sutton
Get Started. It's Free
or sign up with your email address
Similar Mind Maps Mind Map Outline
Absolute & Comparative Advantage by Mind Map: Absolute & Comparative Advantage

1. Absolute Advantage

1.1. Situation where 1 person/nation is more productive than another

1.1.1. Takes less inputs

1.1.2. Takes less time

2. Comparative Advantage

2.1. Situation where 1 person/nation can produce at a lower opportunity cost than another

2.2. Opportunity cost of something is the value of what you must give up to get it

3. Absolute & Comparative Advantage Video

4. Comparative Advantage Video