Absolute advantage and comparative advantage essay, share this document
The basis for trade in the Ricardian model is the differences in technology between countries.
Please sign up to read full document. It can be contrasted with the concept of comparative advantage which refers to the ability to produce a particular good at a lower opportunity cost.
Because countries are both assumed to be the same size in the example, this indicates that the US has an absolute advantage in the production of both goods. Ltd,p.
Both terms deal with production, goods and services.
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