Individuals can make themselves better off by specializing in production according to their comparative advantages, and then
Question:
1. Use the concept of comparative advantage to describe who should produce a particular good.
2. Explain why people should specialize and trade.
3. Explain how acting in one’s self interest benefits society.
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1 A person who can produce a good at a lower cost than another person has a comparative advantage in ...View the full answer
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