Concept information
Preferred term
comparative advantage
Definition
- Comparative advantage is one of the principal ideas used in economics to explain the potential for gains from trade between countries. The theory of comparative advantage—developed by 19th-century economist Robert Torrens but usually attributed to David Ricardo—asserts that a country should focus on producing those goods it can make most efficiently while importing goods which the country can make relatively less efficiently. [Source: Green Food: An A-to-Z Guide; Comparative Advantage]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/comparative_advantage
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