The law of comparative advantage explains the benefits that all parties can get from trade. Parties involve countries, individuals, and regions. The law explains that this is only possible if the parties trade produces goods with differing relative costs. The outcome is called gains from trade.
Explain the law of comparative advantage.
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Academic.Tips. (2021) 'Explain the law of comparative advantage'. 8 October.
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Academic.Tips. (2021, October 8). Explain the law of comparative advantage. https://academic.tips/question/explain-the-law-of-comparative-advantage/
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Academic.Tips. 2021. "Explain the law of comparative advantage." October 8, 2021. https://academic.tips/question/explain-the-law-of-comparative-advantage/.
1. Academic.Tips. "Explain the law of comparative advantage." October 8, 2021. https://academic.tips/question/explain-the-law-of-comparative-advantage/.
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Academic.Tips. "Explain the law of comparative advantage." October 8, 2021. https://academic.tips/question/explain-the-law-of-comparative-advantage/.
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"Explain the law of comparative advantage." Academic.Tips, 8 Oct. 2021, academic.tips/question/explain-the-law-of-comparative-advantage/.