Suppose both john and bill can do two tasks in a day. if john can do each of the two tasks faster than bill, then <u>John should specialize in performing the task for which he has a </u><u>comparative advantage</u><u>. </u>
Comparative advantage refers to the capacity to provide goods and offerings at a lower possibility price, not always at a greater quantity or satisfactory. Comparative gain is a key perception that trade will still occur even though one u . s . has an absolute gain in all products.
In an economic model, retailers have a comparative advantage over others in producing a selected desirable if they can produce that excellent at a lower relative opportunity price or autarky rate, i.e. at a decrease relative marginal price previous to trade.
In economics, a comparative advantage occurs when a country can produce a very good or carrier at a lower opportunity value than another u . s .. The principle of comparative gain is attributed to political economist David Ricardo, who wrote the book standards of Political economic system and Taxation (1817).
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1. Feudal lords force King John to sign the Magna Carta.
The Magna Carta was a document created in 1215. Feudal lords were unhappy with the taxation system at the time, which is why they made the king create a document which would be in their favor. He had to sign it at Runnymede, in 1215.
2. Parliament claims the rights of citizens with the Petition of Right.
This is a document created in 1628. It is an important document in English history because it restricted the authority of the king and protected the freedoms of the citizens. This document dealt with taxes, unlawful imprisonment, martial law, etc.
3. The English Bill of Rights expands more rights to commoners.
Bill of Rights is another document created to protect civil and natural rights of citizens. It was signed in 1689 and similarly to Petition of Right, it was passed in order to restrict the authority of the monarch and the Parliament as well.
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