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What is comparative advantage (in economics)?

What is comparative advantage (in economics)?

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Asked by Sultan.h.g, Last updated: Nov 10, 2024

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i.Elizabeth

i.Elizabeth

i.Elizabeth
I.Elizabeth

Answered Feb 02, 2018

Comparative advantage is the ability of an entire group or a specific individual to carry out an economic cavity better and more efficiently than other activities. So basically doctors have a comparative advantage in the medical field whereas engineers have a comparative advantage in buildings and technology.

Similarly, teachers have a comparative advantage in teaching children and so on. It is the specific niche of a person or his place in the economic world. What he gives to the world tanks to his capabilities and excellence in that particular matter. This is what gives that person a comparative advantage over others.

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John Smith

John Smith

John Smith
John Smith

Answered Jan 19, 2017

It is the ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.

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