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| the principle of comparative advantage definitions | |||
|---|---|---|---|
| # | Definition | Sets | |
| 1 | total output is larges when each person concentrates on the activities for which their opportunity cost is lowest | 2 sets | |
| 2 | total output is largest when each person concentrates on the activities for which his or her opportunity cost is lowest | 2 sets | |
| 3 | total output is largest when each person (or each country) concentrates on the activities for which his or her opportunity cost is lowest. | 1 set | |
| 4 | everyone does best when each person concentrates on the activies for which his or her opportunity cost is lowest. | 1 set | |