How might specialization lead to comparative advantage for Joanne's bakery?

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08-03-2021
Business

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How might specialization lead to comparative advantage for Joanne's bakery?

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egehsebastian6626 egehsebastian6626 · Answer 1 · 2021-03-12T10:58:34-05:00

Answer:

Comparative advantage is an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners. A comparative advantage gives a company the ability to sell goods and services at a lower price than its competitors and realize stronger sales margins.

Explanation:

The law of comparative advantage is popularly attributed to English political economist David Ricardo and his book “On the Principles of Political Economy and Taxation” written in 1817, although it is likely that Ricardo's mentor, James Mill, originated the analysis.

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