[This is part of the series: The Complete Guide To Economics 101.]
What is the difference between absolute and comparative advantage.These are both simple economics concepts on production:
Absolute Advantage is nothing more than comparing the output of someone, or some group. to another asking: Who can produce the most X or Y?
Comparative Advantage compares opportunity cost among producers asking: Who has to give up the least in order to produce X or Y?
Economic specialization after accounting for comparative advantage is nothing short of a miracle.
