Connect with experts and get insightful answers to your questions on IDNLearn.com. Find the answers you need quickly and accurately with help from our knowledgeable and experienced experts.
Which economic term refers to the situation where one country can manufacture and export automobiles at a lower cost than its competitors? opportunity cost comparative advantage inflation consumer price index (CPI) gross domestic product (GDP)
Comparative advantage is the ability of any given economic actor (eg a country) to produce goods and services at a lower opportunity cost than other economic actors (eg other countries). This enables the country with the comparative advantage to export the product at a lower cost than its competitors. Therefore, the correct answer is comparative advantage.
We greatly appreciate every question and answer you provide. Keep engaging and finding the best solutions. This community is the perfect place to learn and grow together. Your search for solutions ends here at IDNLearn.com. Thank you for visiting, and come back soon for more helpful information.
