- individual - exists when a person can produce more of a certain good or service than someone else in the same amount of time
- national - exists when a country can produce more of a goods or service than another country can in the same time period
- faster and more efficient ( time-wise )
Comparative Advantage
- individual / national - exists when an individual or nation can produce a goods or service at a lower opportunity cost than can another individual or nation
- lower opportunity cost
- production
- lower opportunity cost is GOOD
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