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AAEC 2305 Fundamentals of Ag Economics - page 25 / 27

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Absolute vs. Comparative Advantage

Absolute Advantage – a country has an absolute advantage in the production of a good if it can produce more of that good with a given set of resources than another country.

If one country has an absolute advantage in the production of rice and another country has an absolute advantage in the production of beans, then the trade flows are obvious.

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