Division of labor and comparative advantage - Deepstash

Division of labor and comparative advantage

Differences in talents, intelligence, knowledge, and property lead to specialization and comparative advantage by each individual, firm, and nation.

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Economics in one page

Economics in one page

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claudiu_florea

A sparkling curious mind

What makes it [economics] most fascinating is that its fundamental principles are so simple that they can be written on one page, that anyone can understand them, and yet very few do. — Milton Friedman

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Microeconomics: Comparative Advantage

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The law of comparative advantage was first mentioned in 1817 by English economist David Ricardo.

A company has a comparative advantage when it is able to provide a good or service at a lower opportunity cost than others, helping it sell the same product at a lower cost, ...

Comparative Advantage Vs. Absolute Advantage

  • Comparative advantage is only an advantage of a lower opportunity cost, and does not factor in volume or quality.
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Division Of Labour Affects Brain Size

The research team focused specifically on creating computational models that represent patterns of worker-ant brain size and energy use, looking at groups of Oecophylla weaver ants, Atta leafcutter ants, and the common garden ant Formica. What they found is that colle...

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