Comparative advantage is the economic principle that an individual, firm, or nation faces a unique set of advantages and disadvantages relative to others in its production of particular goods and ...

The first edition of A Concise Guide to Macroeconomics by David A. Moss was published in 2007—just as one of the world's great economic downturns was taking off. The second edition has just been ...

Liam Lenten does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their ...

With the help of a diagram, examine the likely effects of a country imposing a tariff on imports of a specific good on: the level of imports of the good; the level of domestic production of the good; ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

David Ricardo's concept of comparative advantage is an important premise in international trade theory because it explains how and why countries trade, even when one country can produce all things ...