International Trade Meaning and Definition of Comparative Advantage

A comparative advantage exists when a nation or economic region is able to produce a product at a lower opportunity cost compared to another nation or region.

Browse or run a search for Comparative Advantage in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.

Comparative Advantage in Historical Law

You might be interested in the historical meaning of this term. Browse or search for Comparative Advantage in Historical Law in the Encyclopedia of Law.

Search for legal acronyms and/or abbreviations containing Comparative Advantage in the Legal Abbreviations and Acronyms Dictionary.

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Vocabularies (Semantic Web Information)

Notion of Comparative Advantage

The meaning of Comparative Advantage may be as follows: Doctrine says that states should 1) produce and export whatever they can produce most efficiently relative to other states i.e., whatever they have a comparative advantage in; and they should 2) import those things they can’t produce as efficiently from states that can

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Legal English Vocabulary: Comparative Advantage in Spanish

Online translation of the English legal term comparative advantage into Spanish: ventaja comparativa (English to Spanish translation) . More about legal dictionary from english to spanish online.

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Comparative advantage in Global Commerce Policy

In this regard, a definition of this issue is as follows: the theory first proposed by David Ricardo in 1817 that a country is more likely to export goods that it can produce relatively efficiently. The relative efficiency measure compares production costs of different goods in each country concerned, not the production cost of the same good in different countries. The entries on trade policy are here. A country’s comparative advantage is reflected in its unsubsidized exports to world markets which is then said to be a country’s revealed comparative advantage. Comparative advantage is seldom static. Countries can acquire a comparative advantage through, for example, investing in the acquisition of skills by their workforces. Hence the concept of dynamic comparative advantage. See also absolute advantage, competitive advantage, gains-from-trade theory, Heckscher-Ohlin theorem, kaleidoscopic comparative advantage and Stolper-Samuelson theorem.[1]

Comparative advantagein the wold Encyclopedia

For an introductory overview on international trade policy, see this entry.

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Notes and References

1. Dictionary of Trade Policy, “Comparative advantage” entry (OAS)

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See Also

• International Trade
• Trade Regulation
• International Economic Law
• Export License
• International Trade Law
• Foreign Trade
• Safeguard