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Yes, you guessed it right! This is a foundational concept in economics that is used to model international trade and the competitiveness of nations. Comparative Advantage Versus Absolute Advantage Absolute advantage is anything a country does more efficiently than other countries. Absolute advantage and comparative advantage are two concepts in economics and international trade. Comparative advantage is when a nation can produce a particular good at a lower opportunity cost than other nations. Saudi Arabia is extracting around 10.5 million barrels of oil each day whereas Pakistan is not extracting too much oil, because it does not have much to extract. Difference Between Absolute Advantage vs Comparative Advantage. A similar concept, competitive advantage is typically used to model the competitiveness of firms and individuals.
Absolute advantage refers to the difference in productivity of nations, companies or individuals. The maximum extraction per day that Pakistan has done is 98 thousand barrels per day in 2014.However, on the other ha… Let’s take an example to understand the calculation of Comparative Advantage in the real world in a better manner. Surprisingly, economists say ‘not necessarily.’ An economy with a comparative advantage, however, should be producing it. For example, India has an absolute advantage in operating call centers compared to the Philippines because of its low cost of labor and abundant labor force. Saudi Arabia has an absolute advantage in oil. Comparative advantage is the ability of… Nations that are blessed with an abundance of farmland, fresh water, and oil reserves have an absolute advantage in … Absolute advantage refers to the uncontested superiority of a … An example of absolute vs comparative advantage is of Saudi Arabia and Pakistan. Comparative advantage, on the other hand, refers to higher or lower opportunity costs. Absolute advantage is a pretty straightforward concept since it's … https://www.khanacademy.org/.../v/comparative-advantage-and-absolute-advantage However, if an economy doesn’t have an absolute advantage, should it not be producing that good? Features of Absolute Advantage. Absolute Advantage vs.