Question

What's the difference between comparative advantage and absolute advantage

Answer 1

The produce that requires a smaller quantity input to produce a good is said to have an absolute advantage while comparative is a parties ability to produce a particular good or service at a lowering opportunity cost.

Answer 2

 When a nation can make a product at a higher quality and faster rate than another, it has an absolute advantage ... If one nation has a lower opportunity cost than another to produce a good, it has a comparative advantage(: