Asked by
Kaylie Gaskill
on Nov 05, 2024
Verified
The economic basis for trade is based on absolute advantage.
Absolute Advantage
The ability of an individual, company, or country to produce a good or provide a service more efficiently than competitors, using the same amount of resources.
Economic Basis
refers to the foundational activities, sectors, or resources upon which an economy is built and sustains its growth.
- Acquire knowledge about the concepts of absolute and comparative advantage in the context of international trade.
Verified Answer
PG
Learning Objectives
- Acquire knowledge about the concepts of absolute and comparative advantage in the context of international trade.