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How can comparative advantage yield gains from trade?

eberk12

wrote...

Posts: 283

Rep:

5 years ago

How can comparative advantage yield gains from trade?

How can comparative advantage yield gains from trade?

Textbook

Economics Today: The Micro View

Economics Today: The Micro View

Edition: 19^th

Author: Miller

Read 52 times

2 Replies

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veronee_madison

wrote...

#1

5 years ago

Comparative advantage refers to the ability to produce a good or service at lower opportunity cost compared to other producers. If nations specialize in producing goods in which they have a comparative advantage and trade at rates of exchange that are more favorable than the opportunity costs they would have faced without trade, then they can obtain more goods for consumption with trade than they could have obtained for consumption without trade. These consumption gains are the gains from trade.

1 Vote

rosepolzin

eberk12 Author

wrote...

#2

5 years ago

Appreciate the effort, thank you!

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