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Absolute Advantage vs Comparative Advantage | Top Differences You Must Know! [Video]

Absolute Advantage vs Comparative Advantage | Top Differences You Must Know!

In this video, we discuss key differences between Absolute Advantage and Comparative Advantage.

Absolute Advantage is the ability with which an increased number of goods and services can be produced and that too at better quality as compared to competitors whereas Comparative Advantage signifies the ability to manufacture goods or services at a relatively lower opportunity cost.

𝐊𝐞𝐲 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞𝐬 𝐁𝐞𝐭𝐰𝐞𝐞𝐧 𝐀𝐛𝐬𝐨𝐥𝐮𝐭𝐞 𝐀𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞 𝐯𝐬 𝐂𝐨𝐦𝐩𝐚𝐫𝐚𝐭𝐢𝐯𝐞 𝐀𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞
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#1 – Comparative advantage is reciprocal and mutual. Whereas, absolute advantage is not.

#2 – Cost is a factor in deciding whether the country has an absolute advantage. Whereas, the opportunity cost is a factor deciding whether the country has a comparative advantage

#3 – In absolute advantages, there is no mutual benefit in trade. Whereas trade is mutually benefitted in comparative advantage.

To know more about the 𝐀𝐛𝐬𝐨𝐥𝐮𝐭𝐞 𝐀𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞 𝐯𝐬 𝐂𝐨𝐦𝐩𝐚𝐫𝐚𝐭𝐢𝐯𝐞 𝐀𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞, you can go to this 𝐥𝐢𝐧𝐤 𝐡𝐞𝐫𝐞:- https://www.wallstreetmojo.com/absolute-advantage-vs-comparative-advantage/

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