Comparative advantage
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Comparative advantage is the goods in which a nation has its greatest productivity advantage or its smallest productivity disadvantage; also, the goods that a nation can produce at a lower cost when measured in terms of opportunity cost.
Definition
According to Principles of Economics by Timothy Taylor (3rd edition),
- Comparative advantage. The goods in which a nation has its greatest productivity advantage or its smallest productivity disadvantage; also, the goods that a nation can produce at a lower cost when measured in terms of opportunity cost.
