Unit 7 Notes: 4.29.2015

Absolute Advantage:
Individual: exists when a person van produce more of a certain good than someone else in the same amount of time
National: exists when a country can produce more than another country can in the same amount of time.

Comparative:
Exists when one can produce goods at lower opportunity than another.
The country or individual. That uses least amount of resources, land, or time has the absolute advantage. 
One can produce the most with less opportunity cost has comparative advantage.

Absolute advantage: faster more efficient.
Comparative: lower opppr. cost