What Is the Difference Between an Absolute Advantage and a Comparative

question 195

Short Answer

What is the difference between an absolute advantage and a comparative advantage?

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Definitions:

Federal Budget

The government's estimate of revenue and expenditure for a forthcoming fiscal year.

GDP Gap

The amount of production by which potential GDP exceeds actual GDP.

Aggregate Demand

The total demand for all goods and services in an economy at a given overall price level and within a specific time period.

Great Recession

The Great Recession was a severe global economic downturn that took place from late 2007 through mid-2009, marked by significant declines in asset prices and failures of major financial institutions.