Absolute Advantage: faster, more, more efficient
Individual: exists when a person can produce more of a certain good/service than someone else in the same amount of time.
National: exists when a country can produce more of a good/service than another country can in the same time period.
Comparative Advantage: lower opportunity cost
Individual/National: exists when an individual or nation can produce a good/service of a lower opportunity cost than can another individual or nation.
Input Problems:
The country or individual that uses the least amount of resources, land, or time has the absolute advantage.
Output Problems:
The country that can produce the most has the absolute advantage. The country that has the lowest opportunity cost has the comparative advantage in that product. Deals with production.
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