Question

to have ____ advantage means to be able to produce more using the same resources. To have _____ advantage means to have a lower ______. Comparative advantage is the basis for ______. It is _____ for one producer to have a comparative advantage for every good

Answer 1

Answer:

Absolute, Comparative, Opportunity cost, Gains of trade, Not possible

Explanation:

The terms that will be filled in these blanks are economic terms that are used often in the business. The completed sentences have been written below -

• To have absolute advantage means to be able to produce more using the same resources.
• To have comparative advantage means to have a lower opportunity cost.
• Comparative advantage is the basis for gains of trade.
• It is not possible for one producer to have a comparative advantage for every good.