Question

Specialization according to comparative advantage means that a country is producing the goods:_________

Answer 1

Specialization production specialization according to comparative advantage, not an absolute advantage, results in exchange opportunities that lead to consumption opportunities beyond the PPC.

A country has a comparative advantage in the production of a good if the opportunity cost of producing that good is lower in that country. Even if one country has an absolute advantage in all goods, it will still gain from trading with another country.

Countries specialize in the production of goods for which they have a comparative advantage. It can be mutually beneficial for two nations to specialize in goods for which they have a comparative advantage and then trade with one another.

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