Description: The principle of comparative advantage is fundamental to determination of the pattern of trade among nations. David Ricardo was the economist who coined this term. Opportunity cost, stated briefly, is the benefit foregone for undertaking an activity. So, if a country has a lesser value for its resources in the alternative use, it can most efficiently employ resources in this activity. This is what comparative advantage means. Example: Two goods are produced, say wine and wheat, using only one input, i.e. labour. Suppose Nation A requires 10 and 5 units of labour to produce one unit of wine and wheat, respectively, whereas, Nation B requires 10 units of labour each.
How Much Does A Postage Stamp Cost For 2017. Effective January 22, 2017 the cost of a first class (1) ounce letter sent through the United States Post Office increased two cents from $0.47 to $0.49 for letters mailed within the United States. Reversing the $0.2 price drop from $0.49 to $0.47 effective April 10, 2016.
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