What does absolute advantage mean?
Definitions for absolute advantage
ab·so·lute ad·van·tage
This dictionary definitions page includes all the possible meanings, example usage and translations of the word absolute advantage.
Wiktionary
absolute advantagenoun
The capability to produce more of a given product using less of a given resource than a competing entity.
Wikipedia
Absolute advantage
In economics, the principle of absolute advantage is the ability of a party (an individual, or firm, or country) to produce a good or service more efficiently than its competitors. The Scottish economist Adam Smith first described the principle of absolute advantage in the context of international trade in 1776, using labor as the only input. Since absolute advantage is determined by a simple comparison of labor productiveness, it is possible for a party to have no absolute advantage in anything.
Wikidata
Absolute advantage
In economics, the principle of absolute advantage refers to the ability of a party to produce more of a good or service than competitors, using the same amount of resources. Adam Smith first described the principle of absolute advantage in the context of international trade, using labor as the only input. Since absolute advantage is determined by a simple comparison of labor productivities, it is possible for a party to have no absolute advantage in anything; in that case, according to the theory of absolute advantage, no trade will occur with the other party. It can be contrasted with the concept of comparative advantage which refers to the ability to produce a particular good at a lower opportunity cost.
Numerology
Chaldean Numerology
The numerical value of absolute advantage in Chaldean Numerology is: 7
Pythagorean Numerology
The numerical value of absolute advantage in Pythagorean Numerology is: 8
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"absolute advantage." Definitions.net. STANDS4 LLC, 2024. Web. 28 Apr. 2024. <https://www.definitions.net/definition/absolute+advantage>.
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