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Globalization Glossary Definition (English)
Comparative Advantage Defined
The following is in context to Globalization, because it's common for a single word to have multiple meanings you will find additional research links near the bottom of the page.
"Standard economic concept accounting for gains from trade due to tendency of countries to export goods they produce relatively efficiently. "A country has comparative advantage in producing a good if the opportunity cost [value of opportunities forgone in making a choice] of producing that good in terms of other goods is lower in that country than it is in other countries" (P. Krugman and M. Obstfeld, International Economics: Theory and Policy, 1997, p. 14). In particular cases, used to justify specialization by countries in international division of labor."
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Expert Dictionary: Comparative Advantage
Dictionary: Comparative Advantage
