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According to the law of comparative advantage, task is most efficiently performed by the individual with lowest opportunity cost.
The ability of an economy to produce a specific good or service at a lower opportunity cost than its trading partners is referred to as comparative advantage. The concept of comparative advantage is used to explain why companies, countries, or individuals benefit from trade.
The law of comparative advantage introduces opportunity cost as a factor to consider when deciding between different production options. Comparative advantage implies that countries will trade with one another, exporting goods in which they have a comparative advantage.
There are drawbacks to focusing solely on a country's comparative advantages, which can lead to overexploitation of labor and natural resources. Absolute advantage refers to a country's undisputed superiority in producing a specific good better.
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