absolute vs comparative, input vs output

• Specialization
• Individuals and countries can be made better off if they will produce in what they have a comparative advantage and then trade with others for whatever else they require
• Absolute and Comparative Advantage
• Absolute Advantage
• The producer that can produce the most output or requires the least amount of inputs
• Comparative Advantage
• The producer with the lowest opportunity cost
• Input vs. Output
• Output shows the data as products produced given a set of resources.
• Outcome, result.
• Input shows the data as amount of resources needed to produce a fixed amount of output
• Time.