Comparative Advantage Key words: international tradenumber of units of labor law ofcomparative costs
Comparative advantage is an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners. A comparative advantage gives a company the ability to sell goods and services at a lower price than its competitors and realize stronger sales margins A person has a comparative advantage at producing something if he can produce it at lower cost than anyone else. Having a comparative advantage is not the same as being the best at something
The main feature of Corn Laws Key words: trade restrictions, tariffs, cereal grains, including wheat, oats and barley The Corn Laws were tariffs and other trade restrictions on imported food and grain enforced in the United Kingdom between 1815 and 1846.The word 'corn' in British English denotes all cereal grains, including wheat, oats and barley. They were designed to keep grain prices high to favor domestic producers, and represented British mercantilism.[a] The Corn Laws blocked the import of cheap grain, initially by simply forbidding importation below a set price, and later by imposing steep import duties, making it too expensive to import grain from abroad, even when food supplies were short. The Corn Laws enhanced the profits and political power associated with land ownership. The laws raised food prices and the costs of living for the British public, and hampered the growth of other British economic sectors, such as manufacturing, by reducing the disposable income of the British public. The laws became the focus of opposition from urban groups who had far less political power than rural areas. The first two years of the Great Famine in Ireland of 1845–1852 forced a resolution because of the urgent need for new food supplies.
Jeremy Bentham and principles of Utilitarianism notion Key words: personal pleasure, total pleasure, greatest happiness
The laws became the focus of opposition from urban groups who had far less political power than rural areas. The first two years of the Great Famine in Ireland of 1845–1852 forced a resolution because of the urgent need for new food supplies. Utilitarianism, in normative ethics, a tradition stemming from the late 18th- and 19th-century English philosophers and economists Jeremy Bentham and John Stuart Mill according to which an action (or type of action) is right if it tends to promote happiness or pleasure and wrong if it tends to produce unhappiness or pain—not just for the performer of the action but also for everyone else affected by it. Utilitarianism is a species of consequentialism, the general doctrine in ethics that actions (or types of action) should be evaluated on the basis of their consequences