• Specialization: When the producer specializes in producing the good or service for which they have a comparative advantage.
• Trade: When producers exchange goods or services with others, taking advantage of comparative advantages to maximize efficiency and benefits.
Example of Comparative Advantage
• Suppose that Country A and Country B each produces both wheat and wine.
country Wheat(tons per day) wine(bottels per day)
country A 100 50
country B 120 60

Looking strictly at the ability to make more of both, it may seem that Country B possesses an absolute advantage over both as it can produce more. BUT it is looking at Opportunity Cost that helps solve our dilemma.

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