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... > social science subjects > business and management > international business > economics of international business > economic theories of international business > absolute advantage
social science subjects > economics > economic concepts > international trade > absolute advantage
... > contexts > population characteristics > socioeconomic factors > poverty > economics of poverty > international trade > absolute advantage
social science subjects > business and management > international business > international trade > absolute advantage
social science subjects > politics and international relations > international relations > international trade > absolute advantage
... > social science subjects > criminology and criminal justice > criminology > law and society > law and political science > international trade > absolute advantage
... > social science subjects > politics and international relations > political science > law and courts > law and society > law and political science > international trade > absolute advantage

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]

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https://concepts.sagepub.com/social-science/concept/absolute_advantage

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