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Lower relative opportunity cost in producing a good
Comparative advantage is the circumstance or opportunity of welfare improvement afforded by allocating one's labor and other resources amongst one's available
Comparative_advantage
Balassa index in international economics
The revealed comparative advantage (RCA) is an index used in international economics for calculating the relative advantage or disadvantage of a certain
Revealed comparative advantage
Revealed_comparative_advantage
Book by David Soskice and Peter A. Hall
The Institutional Foundations of Comparative Advantage is a 2001 book on economics, political economy, and comparative politics edited by political economists
Varieties_of_Capitalism
Benefit lost by a choice between options
the comparative advantage of, even if it does not have an absolute advantage, and trades for those products it does not have a comparative advantage over
Opportunity_cost
British economist and politician (1772–1823)
specialization and free trade. Ricardo introduced the concept of "comparative advantage", suggesting that nations should concentrate resources only in industries
David_Ricardo
Group of macroeconomic theories
the static dimension of the theory of comparative advantage, which, in his view, by fixing comparative advantages definitively, led in practice to a waste
Keynesian_economics
Attribute that allows an organization to outperform its competitors
sustaining competitive advantage. Competitive advantage seeks to address some of the criticisms of comparative advantage. Competitive advantage rests on the notion
Competitive_advantage
British economist (1883–1946)
fundamental pillar of neoclassical economics. He criticised Ricardian comparative advantage theory (the foundation of free trade), considering the theory's
John_Maynard_Keynes
Subfield of economics focusing on trade between nations
for comparative costs form the basis of Adam Smith's model of absolute advantage in international trade. The Ricardian theory of comparative advantage became
International_trade_theory
Social science studying goods and services
a comparative advantage and thereby gain from trading with a region that lacks any absolute advantage but has a comparative advantage in producing something
Economics
Economic policy of restricting imports
shifts in comparative advantage for specific countries have led some countries to become protectionist: "The shift in comparative advantage associated
Protectionism
Economic theories of David Ricardo
economic rent, the labour theory of value and above all the theory of comparative advantage. Ricardo wrote his first economic article ten years after reading
Ricardian_economics
Economic concept
absolute advantage, he did not develop the concept of comparative advantage. While there are possible gains from trade with absolute advantage, the gains
Absolute_advantage
Geographic concentration of related businesses
in the field. According to Porter, in the modern global economy, comparative advantage, whereby certain locations have special endowments (i.e., harbor
Business_cluster
Goods produced in one country that are sold to another country
Business and economics portal Politics portal Business portal Comparative advantage Commodity currency Commodity Classification Automated Tracking System
Export
Development strategy based on global trade
process of a country by exporting goods for which the nation has a comparative advantage. Export-led growth implies opening domestic markets to foreign competition
Export-oriented industrialization
Export-oriented_industrialization
international community. With exports of 60 products with revealed comparative advantage, Iran is the 65th "most complex country". Should Iran eventually
Economy_of_Iran
Exchange of goods and services
Trade exists between regions because different regions may have a comparative advantage (perceived or real) in the production of some trade-able goods –
Trade
Economy with one consumer, one producer, and two goods
fish. So, we can say that Friday has a comparative advantage in hunting fish while Crusoe has a comparative advantage in gathering coconuts. Their respective
Robinson_Crusoe_economy
Exchange across international borders
Thomas (1981). "Location and Trade Theory: Industrial Location, Comparative Advantage, and the Geographic Pattern of Production in the United States"
International_trade
Strategic management theory
that are rare among competitors, are said to have a comparative advantage. This comparative advantage enables firms to produce marketing offerings that
Resource-based_view
Economic effect of customs unions
service traded from one nation with a high comparative advantage to a nation of lower comparative advantage works against creating more efficiency and
Trade_diversion
Trade and economic policy
be gained from specialisation and foreign imports. The theory of comparative advantage shows how countries within the model gain from trade, however, this
Import substitution industrialization
Import_substitution_industrialization
Workplace that has socially unacceptable working conditions
and the global movement of capital cite the economic theory of comparative advantage, which states that international trade will, in the long run, make
Sweatshop
Exchange of goods and services
differences of human needs and wants, and division of labour along with comparative advantage are the principal factors that give rise to commercial exchanges
Commerce
Goods import or export tax
most economists, particularly those adhering to the theory of comparative advantage, argue that such industries should not be maintained through protection
Tariff
Spread of world views, products, ideas, capital and labor
geographical area without any strong economic reason derived from comparative advantage, this is not a reason to argue against free trade because the absolute
Globalization
Restrictions limiting international trade
informed by Adam Smith’s theory of absolute advantage and David Ricardo’s theory of comparative advantage, supporters of free trade in Britain and Western
Trade_barrier
Topics referred to by the same term
Resource consumption accounting, an accounting methodology Revealed comparative advantage, an index in international economics RCCA (disambiguation) This
RCA
Exchange of derivatives or other financial instruments
swap. Some companies may have comparative advantage in fixed rate markets, while other companies have a comparative advantage in floating rate markets. When
Swap_(finance)
Application of economic concepts to the study of the family
labor in the household in terms of comparative advantage, generally assuming that women have a comparative advantage in household production and men in
Family_economics
Economic model for international trade
Stockholm School of Economics. It builds on David Ricardo's theory of comparative advantage by predicting patterns of commerce and production based on the resources
Heckscher–Ohlin_model
Unification of policies between states
the good where it has comparative advantage, and trading that good for the other. Economies of scale refers to the cost advantages that an enterprise obtains
Economic_integration
Current holder of a political office
incumbent upon one as a duty'. In general, an incumbent has a political advantage over challengers at elections. Except when the timing of elections is
Incumbent
School of thought in economics
trade. Ricardo’s most famous economic theory was the theory of comparative advantage as the foundation of the international division of labor. He argued
Classical_economics
American economist (born 1953)
Ricardo and Heckscher–Ohlin model) emphasized trade based on the comparative advantage of countries with very different characteristics, such as a country
Paul_Krugman
Economics between nation states
theory of comparative advantage provides a logical explanation of international trade as the rational consequence of the comparative advantages that arise
International_economics
Econometric finding
a comparative advantage, both countries trade different brands of cars between them. Similarly, new trade theory argues that comparative advantages can
Leontief_paradox
Increasing links to international markets
absolute advantage to gain from trade, only a comparative advantage. David Ricardo argued that a country does not need to have an absolute advantage in the
Internationalization
Bilateral trade flow model
produced a number of results that do not match the expectations of comparative advantage theories. Notably, a study by Wassily Leontief found that the United
Gravity_model_of_trade
Economic theory of international trade
trade models relied on productivity differences (Ricardian model of comparative advantage) or factor endowment differences (Heckscher–Ohlin model) to explain
New_trade_theory
Term in Marxist economics
Ricardian and neoclassical theories of comparative advantage, which claim that free trade based on comparative costs is beneficial to all parties and
Unequal_exchange
Mountain range near the border of Afghanistan and Pakistan
re-development Income, consumption, production leapfrogs as per comparative advantage, benefit to large-scale tourism industry Food security, energy security
Hindu_Kush
Book by Tim Harford
failures, externalities, globalisation, international trade and comparative advantage. It explains in non-technical terms how Starbucks and other coffee
The_Undercover_Economist
Farm for cash crops
cannot withstand stagnant water. Protectionist policies and natural comparative advantage have sometimes contributed to determining where plantations are
Plantation
Country in North America
(2001). Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. Oxford University Press. p. 570. ISBN 978-0-1916-4770-3. Diekmeyer
Canada
Study of global economic governance
sector model, both of which build on David Ricardo's theory of comparative advantage. The factor model (which has been called the H-O-S-S model) is shaped
International political economy
International_political_economy
Absence of government restriction on international trade
proposed benefits of free trade are through David Ricardo's theory of comparative advantage and by analyzing the impact of a tariff or import quota. An economic
Free_trade
Edible berries native to Northeast Asia
Zealand Kiwifruit Export Performance: Market Analysis and Revealed Comparative Advantage" (PDF). University of Waikato. Retrieved 28 November 2012. "Zespri
Kiwifruit
promoting comparative advantages among banks while they meet their priority sector lending obligations in India. "Banks with a comparative advantage in lending
Priority Sector Lending Certificates
Priority_Sector_Lending_Certificates
timber trade Cash crop Central European Free Trade Agreement (CEFTA) Comparative advantage Cost, Insurance and Freight (CIF) Council of Arab Economic Unity
Index of international trade articles
Index_of_international_trade_articles
Theory in economics
that a country should specialize in industries in which it has a comparative advantage; thus a country rich in some natural resources would be better off
Dutch_disease
Term for a politically unstable country
to its comparative advantage in fertile lowlands, low labor costs, and skilled workers. Additionally, Ecuador has many environmental advantages, such as
Banana_republic
Standardization of money
creates a barrier that can interfere with economies of scale and comparative advantage and that in some cases they can serve as a means of tax evasion
Currency
Krupp Foundation Professor of European Studies
book Varieties of Capitalism: The Institutional Foundations of Comparative Advantage (2001), written with David Soskice, introduced a framework distinguishing
Peter_A._Hall
Economic improvement attempt that causes worse conditions for other countries
involves realizing that trade is not a zero-sum game, but rather the comparative advantage of each economy offers real gains from trade for all. An early 20th-century
Beggar_thy_neighbour
Theory to describe international trade patterns
countries. The model demonstrates dynamic comparative advantage. The country that has the comparative advantage in the production of the product changes
Product_life-cycle_theory
Wide ranging taxes, tariff and trade treaty
States Argentina Pakistan Romania Vietnam India Theory Comparative advantage Competitive advantage Heckscher–Ohlin model New trade theory Economic geography
Trade_agreement
International trade theory
which describes an advantage enjoyed by the country that introduces new goods in a market. The country will enjoy a comparative advantage as well as a temporary
Technology_gap
Topics referred to by the same term
Comparative advantage, a law of economics Comparative advertising, a marketing technique Comparative economic systems, a method of economics Comparative statics
Comparative_(disambiguation)
Canadian economist and the Frederic E (born 1974)
enforce contracts is possibly a more important determinant of their comparative advantage than skilled labour and physical capital combined. A substantial
Nathan_Nunn
Venezuelan economist
the Product Space predicts the actual evolution of the pattern of comparative advantage of nations. They claim that because of coordination failures, economies
Ricardo_Hausmann
1817 book by David Ricardo
rent grows as population increases. It also presents the theory of comparative advantage, the theory that free trade between two or more countries can be
On the Principles of Political Economy and Taxation
On_the_Principles_of_Political_Economy_and_Taxation
Economics concept regarding equity markets
considered to be consistent with Keynes' theory. Tactical voting Comparative advantage Focal point (game theory) Guess 2/3 of the average Family Feud Wisdom
Keynesian_beauty_contest
Positive-displacement lobe pump
The Roots blower is a positive displacement lobe pump which operates by pumping a fluid with a pair of meshing lobes resembling a set of stretched gears
Roots_blower
Economic policy emphasizing exports
Mercantilists failed to understand the notions of absolute advantage and comparative advantage (this idea was only fully fleshed out in 1817 by David Ricardo)
Mercantilism
American economist (born 1944)
undertaken work on David Ricardo's theory of comparative advantage, arguing that "the law of comparative advantage breaks down when applied to individual commodities
Alan_Deardorff
Israeli military training program for autistic people
into the job market, are taught professions for which they have a comparative advantage. Military service is mandatory in Israel for almost all citizens
Ro'im_Rachok
Movement of people across the Atlantic Ocean
of those who migrated into the United States. The Roy model of comparative advantage suggests that when skilled workers earn higher wages in one location
Transatlantic_migration
Domestically, however, several comparative advantages emerge when comparing Puerto Rico to other U.S. jurisdictions. These advantages base themselves on lower
Economy_of_Puerto_Rico
View that the economic policies of postwar Japan will uplift Asian economies
the international division of labor in East Asia based on dynamic comparative advantage. The paradigm postulated that Asian nations will catch up with the
Flying_geese_paradigm
region as if it were a small nation and uses notions of relative and comparative advantage from international trade theory (Charles Tiebout 1963). In a sense
Economic_base_analysis
productivity underpins much of basic macroeconomics, such as the comparative advantage, international trade theory, and the Solow-Swan model. Some argue
Factor_endowment
Advanced Placement high school macroeconomics course
scarcity, opportunity costs, production possibilities, specialization, comparative advantage, demand, supply, and price determination. Major topics include measurement
AP_Macroeconomics
Indian think tank
charged with considering possible policies that might sharpen India's comparative advantage in the knowledge-intensive service sectors. It was constituted on
National_Knowledge_Commission
Net benefits to economic agents
factors of production, including labor, into activities according to comparative advantage, that is, for which they each have a low opportunity cost. The factor
Gains_from_trade
Political ideology promoting free-market capitalism
poverty, produces gains of trade like lower prices as a result of comparative advantage, maximizes consumer choice, and is essential to freedom, as they
Neoliberalism
State that has lost its ability to govern
However, next to governmental weakness, there needs to be "Terrorist Comparative Advantages" present for a region to be considered as a "Terrorist Black Hole"
Failed_state
Female participants in technical fields
women's under-representation in STEM fields could be the result of comparative advantage, caused not by girls' 10% lower performance on math tests, but rather
Women_in_STEM
1848 book by John Stuart Mill
which nations tended to benefit more in a system of trade based on comparative advantage (Mill's answer: those with more elastic demands for other countries'
Principles of Political Economy
Principles_of_Political_Economy
Historical model of economic growth
by a few individual sectors. This belief echoes David Ricardo’s comparative advantage thesis and criticizes Marxist revolutionaries push for economic
Rostow's_stages_of_growth
several large currency devaluations. Argentina possesses definite comparative advantages in agriculture because the country is endowed with a vast amount
Economic_history_of_Argentina
British political economist and academic
2001: Varieties of Capitalism: The Institutional Foundations of Comparative Advantage (ed. with Peter A. Hall). 2000: Unions, Employers and Central Banks:
David_Soskice
Advanced Placement course
opportunity costs, production possibilities, specialization, and comparative advantage. Major topics include the nature and functions of product markets;
AP_Microeconomics
Hungarian economist (1928–1991)
Balassa–Samuelson effect). He is also known for his work on revealed comparative advantage. Balassa received a law degree from the University of Budapest.
Béla_Balassa
Derivative contract for an exchange of payments
borrow in their own domestic currencies (and may well each have comparative advantage when doing so), and then get the principal in the currency they
Cross-currency_swap
Financial support to an economic sector
subsidies have helped give China an advantage in industries in which they previously enjoyed no comparative advantage such as the steel, glass, paper, auto
Subsidy
country is said to export a product when they exhibit a Revealed Comparative Advantage (RCA) in it. Using the Balassa definition of RCA, x(c,i) equals
The_Product_Space
Contracting internal tasks to an external organization
heavy industries have increasingly moved to the U.S., which has a comparative advantage due to its abundant presence of capital and well-developed technology
Outsourcing
French-American economist
Costinot and Donaldson also used this dataset to report that Ricardian comparative advantage explains the pattern of agricultural trade around the world. "Arnaud
Arnaud_Costinot
Type of agriculture that emphasizes natural and environmentally friendly techniques
Organic Agriculture and Post-2015 Development Goals: Building on the Comparative Advantage of Poor Farmers). Asian Development Bank. pp. 3–48. World Bank.
Organic_farming
1895 book by Brooks Adams
industrialization, led to consolidation; consolidation, in turn, creates a comparative advantage for frugality versus artistic expression. Because Adams believed
The Law of Civilization and Decay
The_Law_of_Civilization_and_Decay
Gas compressor using a rotary positive-displacement mechanism
compressors, there are multiple control schemes, each with differing advantages and disadvantages. In a start/stop control scheme, compressor controls
Rotary-screw_compressor
Theory of the origin of the state
represent the emergence of a "quasi-state"—an organization with a comparative advantage in violence over a territory, but not yet a true state. Olson, Mancur
Stationary_bandit_theory
Country in North Africa
Technologies identified a number of sectors where Morocco has a comparative advantage and skilled human capital, including mining, fisheries, food chemistry
Morocco
Government strategy promoting industrial development
economists debate whether developing countries should focus on their comparative advantage by promoting mostly resource- and labor-intensive products and services
Industrial_policy
resources. As part of the social economy, localized trade enabled comparative advantage to be utilised within communities that possessed products in abundance
Economy of the Maya civilization
Economy_of_the_Maya_civilization
Austrian-American economist (1900–1995)
his major contributions was reformulating the Ricardian idea of comparative advantage in a neoclassical framework, abandoning the labor theory of value
Gottfried_Haberler
Conjecture that businesses look for the cheapest option when locating factories abroad
productions and reduce jurisdictions' comparative advantage in these goods. This lack of comparative advantage causes firms to move to countries with
Pollution_haven_hypothesis
Retailer with a large product range
leveraging large-scale bargaining power, these stores often gain a comparative advantage over smaller retailers and can significantly reduce competitors’
Category_killer
COMPARATIVE ADVANTAGE
COMPARATIVE ADVANTAGE
Boy/Male
Hindu
Victorious, Cooperative
Surname or Lastname
English
English : from the comparative form of Middle English schort ‘short’, hence a distinguishing nickname for the shorter of two closely associated people with the same personal name (for example, members of the same household).
Surname or Lastname
English
English : probably an early variant of Doughty.Edward Doty (c.1600–55) was one of the passengers on the Mayflower, a servant of Stephen Hopkins. He became comparatively wealthy and moved to Duxbury MA, where he left nine children.
Boy/Male
Hindu
Victorious, Cooperative
Girl/Female
Tamil
Amiable and cooperative
Girl/Female
Hindu
Cooperative
Surname or Lastname
English
English : nickname for the smaller of two men with the same forename, from the comparative of Light.Perhaps an Americanized spelling of German Leiter.
Surname or Lastname
English (Lancashire)
English (Lancashire) : unexplained; in the UK, it occurs more frequently as Liptrot, and according to Harrison is from a Germanic personal name composed of liob ‘dear’ + trūt ‘beloved’. It seems to be a comparatively recent importation into the UK.
Surname or Lastname
English (Nottinghamshire)
English (Nottinghamshire) : habitational name from an unidentified place probably deriving its name from Old English rēad ‘red’ + Old Norse gata ‘road’. There is a Redgate Wood in Kirklington, Nottinghamshire, but this place name may be of comparatively recent origin.
Boy/Male
Hindu, Indian, Kannada, Malayalam, Marathi, Mythological, Telugu
Free; Grandson of Lord Krishna; Cooperative
Boy/Male
Tamil
Anirudha | அநீரà¯à®¤à®¾
Victorious, Cooperative
Anirudha | அநீரà¯à®¤à®¾
Male
Greek
(ΠεÏσεÏÏ‚) Greek myth name of the founder of Mycenae and the hero who killed the half-mortal gorgon Medousa. If Greek, the first element of the name might have derived from the word pertho, PERSEUS means "to sack, to destroy." And according to Carl Daling Buck in his Comparative Grammar of Greek and Latin, the -eus suffix found in so many Greek names is typically used to form an agent noun. If so, Perseus was a "destroyer" by profession, i.e. a "soldier," which is a fitting name for this legendary hero.Â
Girl/Female
Gujarati, Hindu, Indian, Kannada, Marathi
Fame; Cooperative
Boy/Male
Hindu, Indian
Amiable and Cooperative
Girl/Female
Tamil
Yashshri | யஷà¯à®·à¯à®°à¯€Â
Cooperative
Yashshri | யஷà¯à®·à¯à®°à¯€Â
Boy/Male
Tamil
Anirudhha | அநிரூத
Victorious, Cooperative
Anirudhha | அநிரூத
Surname or Lastname
English
English : of uncertain origin; perhaps derived from the vocabulary word soul as a term of affection.French (Soulé) : variant of Soulier 1.George Soule (1600–80), one of the passengers on the Mayflower in 1620, was one of the founders of Duxbury, MA, where he became comparatively wealthy. He left eight children.
Surname or Lastname
English
English : nickname for the taller of two men with the same name, from Old English leng(ra) ‘longer’, ‘taller’, comparative of lang (see Lang).German : variant of Lang.Chinese : from an ancient official title, Lingguan, denoting a court official in charge of music. The character for Ling is written similarly to that for Leng (), and the surname evolved to the latter form.Cambodian : unexplained.
Surname or Lastname
English
English : nickname for a Roman Catholic, a comparatively late formation. Most surnames originated before the Reformation, with its schism between the Roman Catholic and Protestant Churches.
Surname or Lastname
English
English : occupational name for a peddler or hawker, Middle English packeman.English : occupational name for the servant (Middle English man) of someone called Pack.German (Packmann, Päckmann), Dutch (Pakman), and Jewish (Ashkenazic) : occupational name for a packer (one who packed goods for shipping) or alternatively a rider or driver of pack animals, used for carrying comparatively light quantitites of goods at high speed, from a derivative of packen ‘to pack’.German : variant of Pach 1, 2.
COMPARATIVE ADVANTAGE
COMPARATIVE ADVANTAGE
Boy/Male
Muslim
Attributed to quraish
Surname or Lastname
English and French
English and French : nickname from Middle English, Old French prince (Latin princeps), presumably denoting someone who behaved in a regal manner or who had won the title in some contest of skill.Translation of German and Ashkenazic Jewish Prinz or of a word meaning ‘prince’ in some other language.
Male
Italian
Italian and Spanish form of Latin Theodosius, TEODOSIO means "god-giving."
Male
English
Variant spelling of English Connor, CONNER means "hound-lover."
Boy/Male
English Greek American
Dragon.
Boy/Male
Tamil
Lakshman | லகà¯à®·à¯à®®à®£
Prosperous, Brother of Rama, Born to give (Brother of Rama)
Boy/Male
Gaelic Scandinavian English
Rules with counsel. Form of Ronald from Reynold.
Surname or Lastname
English (mainly Lancashire)
English (mainly Lancashire) : habitational name from Twiss in Lancashire, named from Old English (ge)twis ‘forking’, used as a noun to mean ‘fork in a river’.English (mainly Lancashire) : variant of Twist.
Girl/Female
British, English, French, Italian, Latin, Moldovan, Romanian
Down-bearded Youth
Boy/Male
Indian
(Celebrity Name: Arshad Warsi)
COMPARATIVE ADVANTAGE
COMPARATIVE ADVANTAGE
COMPARATIVE ADVANTAGE
COMPARATIVE ADVANTAGE
COMPARATIVE ADVANTAGE
n.
Of comparatively small value; common; mean.
n.
An equal; a rival; a compeer.
n.
One of two things compared together.
n.
A part considered comparatively; a share.
n.
The comparative degree of adjectives and adverbs; also, the form by which the comparative degree is expressed; as, stronger, wiser, weaker, more stormy, less windy, are all comparatives.
n.
The science of language; comparative philology; linguistics; glottology.
v. t.
The quality, or comparative purity, of gold or silver; fineness.
n.
Description or comparative study of the customs of savage or uncivilized tribes.
a.
Operating jointly to the same end.
n.
One who makes comparisons; one who affects wit.
a.
Of little comparative value, as metal inferior to gold and silver, the precious metals.
a.
Expressing a degree greater or less than the positive degree of the quality denoted by an adjective or adverb. The comparative degree is formed from the positive by the use of -er, more, or less; as, brighter, more bright, or less bright.
n.
The science of tongues or languages; comparative philology; glossology.
n.
A making ready; provision.
a.
In an increasing or additional degree; even more; -- much used with comparatives.
a.
Estimated by comparison; relative; not positive or absolute, as compared with another thing or state.
a.
Proceeding from, or by the method of, comparison; as, the comparative sciences; the comparative anatomy.
a.
Of or pertaining to comparison.
adv.
Comparatively quiet or silent; soft; gentle; low.
adv.
According to estimate made by comparison; relatively; not positively or absolutely.