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Sagot :
By concentrating their labor, capital, and resources on production that has a lower opportunity cost, countries or corporations can raise their profit margins.
How may nations profit from absolute and comparative advantages?
Since they need fewer resources to produce, products in which a nation has a productivity edge over other nations are seen as absolute advantages. A country has a comparative advantage when it can manufacture a good for less money than comparable ones.
Why does international trade benefit both parties?
Through commerce, nations can widen their markets and get access to products and services that could not otherwise be offered locally. Market competition has increased as a result of global commerce. Prices become more competitive as a result, lowering the final product's cost for the consumer.
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