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Definitions from the Web

Term: Comparative Advantage

Description:

Comparative advantage is an economic concept that refers to the ability of a country, individual, or business to produce a particular good or service at a lower opportunity cost than another. It highlights the benefits of specialization and trade in boosting overall productivity and economic welfare.

Sample Sentences:

1. China has a comparative advantage in manufacturing due to its low cost of labor.
2. By focusing on their respective areas of comparative advantage, both countries can benefit from trade.
3. Investing in education and skill development can enhance an individual's comparative advantage in the job market.
4. The company relocated its production facilities to a foreign country to take advantage of the comparative advantages offered by the local market.

Possible Related Products:

• Books on Comparative Advantage
• Products related to International Trade and Comparative Advantage
• Economic Theory Books discussing Comparative Advantage