When one nation can produce a product at lower cost relative to another nation, it is said to have?

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17-06-2018
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When one nation can produce a product at lower cost relative to another nation, it is said to have?

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LearnGrow LearnGrow · Answer 1 · 2018-06-26T09:39:27+02:00

LearnGrow LearnGrow

26-06-2018

When one nation can produce a product at lower cost relative to another nation, it is said to absolute advantage.
One example is the following: Colombia produces coffee with less labor and land than any other country which means that Columbia has an absolute advantage in coffee production.

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