What does absolute advantage mean?

Definitions for absolute advantage
ab·so·lute ad·van·tage

Here are all the possible meanings and translations of the word absolute advantage.

Wiktionary

  1. absolute advantage(Noun)

    The capability to produce more of a given product using less of a given resource than a competing entity.

Freebase

  1. 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.

How to pronounce absolute advantage?

  1. Alex
    Alex
    US English
    Daniel
    Daniel
    British
    Karen
    Karen
    Australian
    Veena
    Veena
    Indian

How to say absolute advantage in sign language?

  1. absoluteadvantage

Numerology

  1. Chaldean Numerology

    The numerical value of absolute advantage in Chaldean Numerology is: 7

  2. Pythagorean Numerology

    The numerical value of absolute advantage in Pythagorean Numerology is: 8

Images & Illustrations of absolute advantage

  1. absolute advantageabsolute advantageabsolute advantageabsolute advantageabsolute advantage

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"absolute advantage." Definitions.net. STANDS4 LLC, 2019. Web. 20 Aug. 2019. <https://www.definitions.net/definition/absolute+advantage>.

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