In your own words, explain comparative advantage In your own words, explain absolute advantage. Is one of these more important than the other? If yes, why? 5 points Complete the chart below answering the following questions: 8 points 1. What is opportunity cost of producing 1 of each product? 2. Who has comparative advantage in Cars? 3. Who has comparative advantage in Helicopters? 4. What is a terms of trade that would benefit both countries?
