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Comparative Advantage

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What is Comparative Advantage? How does this concept apply to your own job? Could this relate to Healthcare.

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Comparative Advantage

The concept of comparative advantage is considered to be very significant in international trade theory. It can be defined as a condition at which a country, individual, company or region can develop goods or services at a lower opportunity cost with regards to its competitors. The main emphasis of this term is on the word "comparative" i.e. it basically refers to the advantage with respect to the competitor (Hill, 2005). It is seen that in cases of optimum resource allocation, international ...

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