Define Absolute Advantage and Comparative Advantage

question 73

Essay

Define absolute advantage and comparative advantage. Explain how China has an absolute advantage over Canada and how Canada has a comparative advantage over China.

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Definitions:

Everyday Script

A cognitive structure that represents the typical sequence of actions or behaviors involved in routine or daily activities.

Academic Achievement

The extent of a student's success in meeting the short or long-term goals of their educational program.

Better Health

A condition of improved physical, mental, and social well-being and not merely the absence of disease or infirmity.