If each nation specializes and produces those goods in which it has a(n)

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The concept of comparative advantage involves producing goods in which a country has a lower opportunity cost compared to other goods. By specializing in these goods and trading with other countries, global production is increased as countries are able to produce more efficiently and effectively. Absolute advantage and money advantage are not as relevant as comparative advantage in this context.

If Each Nation Specializes and Produces Those Goods in Which