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Comparative Advantage: Difference between revisions
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(Created page with "Comparative advantage is a fundamental concept in economics that explains how countries, individuals, or firms can benefit from specializing in producing goods or services in which they have a lower opportunity cost relative to others. This principle was first introduced by the economist David Ricardo in the early 19th century. At its core, comparative advantage suggests that even if one country is less efficient in producing all goods compared to another country, it ca...") |
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