ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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The comparative advantage is the main factor that determines the international trade in the economy. The comparative advantage is the ability of an economy to produce the goods and services at the lowest opportunity cost of production than the other economies around the world. The opportunity cost of production is the quantity of one good that the economy needs to sacrifice in order to gain an additional unit of the other good from the economy.
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