What is the basic principle of comparative advantage
What is the basic principle of comparative advantage?
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The basic principle of comparative advantage was first observed and explained in early 1800s by David Ricardo. This principle says that it pays for a person or a country to specialize and exchange even if that person or nation is more productive than potential trading partners in all economic activities. Specialization should take place if there are relative cost differences in production of different items.
Illustrate the term Economic Rationale?
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The initial “professional” university professors who taught economic concepts like academic subjects, those were: (1) cosmologists. (2) moral philosophers. (3) socio-biologists. (4) natural historians (5) logicians. (6) mathematicians. (7)
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