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Comparative Advantage and Job Hunting - Coggle Diagram
Comparative Advantage and Job Hunting
Definition & Concept
Not just economic theory; applies to personal job search
Job-seekers should recognize personal comparative advantage
Opportunity Cost (OC)
Applying for unsuitable jobs = high OC
Time spent on low-fit jobs means missing better opportunities
Fruitfulness Factor
Evaluates
Chance of acceptance
Job suitability
Better to apply for jobs with high fruitfulness factor
Personal Suitability
Consider: Skills, experience, chance of receiving offers
Use comparative advantage to find better fit jobs
Example
Web developer
Good in Java/C++
But others are too
Comparative advantage = Spanish or film skills → stand out
Ricardo’s Theory Analogy
Countries trade based on comparative advantage
Focus on strengths, outsource weaknesses.
Application: Resume Writing
Time spent = low/high OC?
If not good at it → outsource
Focus time on higher return activities