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Sagot :
A nation cannot have a comparative advantage in all types of goods. A nation, however, may have a definite edge in all things. When a nation is the greatest at producing a good or service, it has an absolute advantage.
How does a nation has comparative advantage in the production of a good?
When producing a good, a nation has a comparative advantage over other nations if it can do it at a lower opportunity cost. the profit from commerce that results from the discrepancy between the opportunity cost of manufacturing a good domestically and the cost of buying one from abroad.
Is it conceivable for a nation to have both a comparative advantage and an absolute disadvantage?
Yes. What you have to give up to produce a good defines comparative advantage. Even when at an absolute disadvantage, a nation will still have a comparative advantage if the opportunity cost of production is low.
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