4.1.2 specialisation and trade
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Last updated 3:21 PM on 3/23/26
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4 Terms
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Which economist is associated with comparative advantage?
Ricardo
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Which economist is associated with absolute advantage?
Smith
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Absolute advantage
Implies that a country can produce more of one product that another country can with the same amount of resources
→ Figure illustrates a situation in which country A has an absolute advantage in production of maize, and country B has absolute advantage in production of smartphones
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Comparative advantage
When a country can produce a good with a lower opportunity cost than that of another country
