In economics, the principle of absolute advantage refers to the ability of a party (an individual, or firm, or country) to produce more of a good product 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 inpu...
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The ability to produce a good at lower cost, in terms of real resources, than another country. In a Ricardian model, cost is in terms of only labor. Absolute advantage is neither necessary nor sufficient for a country to export a good. See comparative advantage.
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A person, company or country has an absolute advantage if its output per unit of input of all goods and services produced is higher than that of another person, company or country.
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http://www.duke.edu/~charvey/Classes/wpg/bfglosa.htm
Exists when a country can produce more of a product per resource unit than another country. It is a basis for trade. A country with an absolute advantage is producing more efficiently than another.
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Exists when a country can produce more of a product per resource unit than another country. It is a basis for trade. A country with an absolute advantage is producing more efficiently than another.
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Advantage of a producer in the production of a good when it can produce that good at a lower absolute cost than other producers. For example, producer A...
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A country has an absolute advantage in the production of a good if it can produce that good more cheaply than other countries.
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Being able to produce goods more cheaply than other countries
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One country enjoying total lower costs of production than another country (ies).
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Absolute advantage is the relative efficiency of an individual or group of individuals in an economic activity, compared to another individual or group. Adam Smith proposed, in the 18th century, that free trade would be beneficial if countries specialized in activities in which they possessed an absolute advantage. While this may be true, it was su...
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An absolute advantage is a country or company?s ability to produce a product or service at the lowest cost compared with its competitors. In other words, it?s a company?s manufacturing processes, intellect, or any number of things that allows a company to produce products much more cost efficiently than other companies.
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