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Absolute & Comparative Advantage

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Mark A Sutton
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Absolute & Comparative Advantage 作者： 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. Comparative Advantage Video

4. Absolute & Comparative Advantage Video