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????? ??????? Arkan Ibrahim
on Oct 26, 2024

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(Table: Fish and Coconut Production Possibilities)Use Table: Fish and Coconut Production Possibilities.The table shows the maximum number of fish or coconuts that Tom and Hank can produce when each produces only one of the goods.The table implies that Tom has a comparative advantage in the production of both goods.

Comparative Advantage

The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors, leading to specialized production and trade.

Production Possibilities

Different mixtures of products and services that an economy can generate with its current resources and technological capabilities.

Fish

Aquatic animals that are primarily gilled and often harvested for food, sport, or aquariums.

  • Explain the principles of comparative and absolute advantages in commerce.
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Akshat SinhaOct 27, 2024
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