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Comparative Advantage

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Higher School Certificate(HSC ) topic one economics Flashcards on Comparative Advantage, created by Ayman Shaukat on 30/01/2016.
Ayman Shaukat
Flashcards by Ayman Shaukat, updated more than 1 year ago
Ayman Shaukat
Created by Ayman Shaukat over 8 years ago
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Question Answer
Comparative Advantage Economic principle that nations should specialise in areas of production in which they have the lowest oppurtunity cost and trade with other nations, so as to maximise both nations standards of living
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