Comparative and Absolute Advantage -
Comparative and Absolute Advantage - Absolute Advantage Who can produce more with the same resources? Who can produce the same output with less resources? ex. Papa Johns producing 20 pizzas while Ronald McDonalds produces 4 Comparative Advantage Who can produce with the lowest opportunity cost? One individual or one nation Input v. Output Input ex. numbers of hrs to do a job, number of gallons of paint, number of acres to feed a horse Output ex. miles per gallon, tons per acre, words per minute, apples per tree, computers produced per hour
