The ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.
- The idea of this approach is that because of social practices, institutional complementalities develop within a nation-state that create comparative advantages in certain activities and products.
- Business economists have a strong comparative advantage in analyzing how such events are likely to affect their employers.
- Cambodia thus has to look to distant shores where its products have comparative advantages, such as the markets of the United States, the European Union, Japan and South Korea, he said.
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