A(n) advantage occurs when a country specializes in products that it can supply more efficiently or at a lower cost than it can produce other items.

Comparative Advantage.

Explanation:

A country that specializes in production and exportation of product they can produce at a cheaper rate than other nations, has a comparative advantage in making that product. Comparative Advantage means a country can produce a good/service at a cheaper rate than other nations.

comparative

Explanation:

In trade, if a country possesses a comparative advantage in the production and sale of any good, it means that its opportunity cost in the production of that good is lower to the opportunity cost of producing other goods.

An absolute advantage happens when a country can produce a product cheaper than other countries, which isn't exactly the same. A country may have an absolute advantage in the production of two goods, but a comparative advantage in the production of only one. This results from the opportunity cost of producing one good instead of the other.

E.g. I can wash 10 cars and 20 bikes per hour and my neighbor can wash 2 cars and 5 bikes per hour. I have an absolute advantage in washing cars and bikes, but I only have a comparative advantage in washing cars since my opportunity cost of washing cars is 2 bikes per car, while my neighbor's is 2.5 bikes per car. But my opportunity cost of washing bikes is higher than my neighbor's, 0..5 cars per bike against 0.4 cars per bike.

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