comparative advantage

Essay 1

Your answer should not exceed 500 words. If you are getting more than 500 words, you should revise your work. You have ample time to complete the essay. If you can use numerical examples that will be a strong answer that explains the idea of comparative advantage. Also, you cannot really explain comparative advantage without explaining absolute advantage. Remember to include a list of references (which is not counted towards the 500 words). Good luck.

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1. Explain the concept of comparative advantage in layman’s terms.  Give two examples of where you’ve seen the idea in your personal life. (e.g., sharing of household duties, choice of job, choice of major, etc.)