Running Head: BASIC ECONOMIC CONCEPT 1
Basic Economic Concepts
Jessica Bruce
Professor: David Gordon
Principles of Macro-Economics | ECO2072 S01
15 January 2014
Running head: BASIC ECONOMIC CONCEPTS
Absolute and comparative advantage:
Absolute advantage the ability that produce a good or service when using minimum
resources with any other producers. With the main international trade with absolute advantage
with each country will have absolute advantage with some and other great services. Absolute
advantage has benefits for international trading, citizen with every nation that will improve with
their economic of welfare in making themselves with specialized in production with goods and
service with each nation that as absolute advantage and then have exporting their good and
