Comparative Advantage in Economics

The ability to produce the highest quantity of goods

The balance of imports and exports

The impact of trade on global economics

The efficiency of carrying out specific economic activities (correct)

It implies a lower opportunity cost for production. (correct)

It aims for maximum output in all economic activities.

It assumes equal resources among individuals or groups.

It relates only to international trade scenarios.

They can produce that product more efficiently than others. (correct)

They will never trade that product with others.

They will always produce more of that product than others.

They will incur higher costs in producing that product.

<p>When trade occurs between individuals or groups with complementary advantages.</p> Signup and view all the answers

<p>It is only applicable in domestic markets.</p> Signup and view all the answers