PREFERRED TERM
absolute advantage  
DEFINITION
  • The argument that countries differ in their ability to produce goods efficiently, and hence one country may have an advantage in the production of a product that is absolute over any other country in producing it is called absolute advantage. Efficiency is defined as producing with a minimum of waste, expense, or unnecessary effort, and therefore includes low cost, fewer resources, and fewer labor hours. [Source: Encyclopedia of Business in Today's World; Absolute Advantage]
BELONGS TO GROUP
URI
https://concepts.sagepub.com/social-science/concept/absolute_advantage
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