international trade

What is the law of comparative advantage, and why is it important in international trade?

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We have comparative advantage when a person or country can produce a good or service at a lower opportunity cost than others. This law is very important in international trade due to the fact that countries benefit from specialization and trade. In fact, one nation can produce only certain types of goods while another nation can produce different ones. For a nation to produce goods in which it is only marginally more productive than other nations, the nation has to take resources from the production of other goods in which its productive abilities are superior

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