comparative advantage

comparative advantage

Refers to the economic theory that in international trade it is more advantageous for a country to devote its resources not to all lines of production in which it may have superiority (least cost production), but to those in which its relative superiority is greatest. Two countries may find trade mutually profitable even if one of the countries could produce all goods at lower cost than the other.

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Industry/Domain: Agriculture
Category: Agricultural programs & laws
Company: USDA
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