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:

Income

Periodic financial returns from work engagements or investments.

Lorenz Curve

A graphical representation of the distribution of income or wealth within a society, indicating levels of inequality.

X-axis

The horizontal line on a graph that represents the independent variable.

Vertical

An orientation or direction that goes straight up and down, perpendicular to the horizon.