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respond this discussion Absolute advantage examines the efficiency of producing a specific product and aims to minimize costs by using fewer resources compared to competitors.
respond this discussion Absolute advantage examines the efficiency of producing a specific product and aims to minimize costs by using fewer resources compared to competitors. This assessment assists countries in avoiding the production of goods and services with limited demand, thereby mitigating potential losses. On the other hand, comparative advantage stems from a country or business's ability to produce a diverse range of goods and services rather than specializing in a single product. Analysts typically calculate the opportunity cost when evaluating the profitability of different product options
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