Examlex
When cyclical unemployment is zero,
Comparative Advantage
A theory that suggests a country should specialize in producing and exporting goods and services for which it has the lowest opportunity cost.
Resources
Land, labor, capital, and entrepreneurial ability used to produce goods and services.
Comparative Advantage
The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors, leading to specialized production and trade.
Absolute Advantage
A situation in which a country, individual, or company can produce a good at a lower cost per unit than competitors.
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