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25 September, 09:29

What is the principle of comparative cost advantage

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  1. 25 September, 12:32
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    Comparative cost advantages is characterized by an economy's ability to produce goods and services at a lower opportunity cost than that of its competitors.

    Explanation:

    Basically, a person has a comparative advantage if they can produce an item at a lower cost than their competitors. Thus, if a country has the means and resources to produce a certain product for cheaper, then they have a comparative advantage.
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