absolute advantage


absolute advantage
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. Bloomberg Financial Dictionary

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absolute advantage absolute advantage advantage

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absolute advantage UK US noun [C or U]
ECONOMICS an advantage a country has because it can produce a particular type of product more cheaply than another country: »

China has an absolute advantage over Japan in toy production.

Compare COMPARATIVE ADVANTAGE(Cf. ↑comparative advantage)

Financial and business terms. 2012.