Comparative Advantage Cartoon
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So I'm able to produce either 5 power tools or 16 air conditioners
Wow, I'm only able to produce 4 power tools or 10 air conditioners
You have comparative advantage then
The condition that exists whe someone can produce a good or service at a lower opportunity cost than someone else
Then what do you have?
Absolute advantage, where I can produce a good or service using fewer resources
What is the opportunity cost for you then?
The opportunity cost for someone who has absolute advantage is higher than comparative advantage
Ah ok, thank you very much
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