What does it mean to specialize according to one's comparative advantage and trade internationally and an example of a business using this principle?© BrainMass Inc. brainmass.com July 23, 2018, 6:09 am ad1c9bdddf
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To answer this question, we need to understand the concept of comparative advantage. The Library of Economics and Liberty defines Comparative Advantage as "producing something at a lower cost than anyone else".
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What is a business' "comparative advantage" and what is an example of a business using this principle?