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Comparative Advantage |
Also found in: Encyclopedia, Wikipedia, Hutchinson | 0.02 sec. |
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Comparative advantage Theory suggesting that specialization by countries can increase worldwide production. Comparative Advantage The ability of an individual, company, or economy to conduct an activity better than another for some fixed, almost unchangeable reason. Comparative advantage is important in making decisions such as what products one should make or sell; if a company is unable to make a product as well as another and that is unlikely to change, the company might be well advised to make a different product. For example, a lumber company in Oregon has a comparative advantage to a lumber company in Arizona because there are simply more trees in Oregon. This makes it unlikely that the company in Arizona will be able to fill orders as well or as quickly as the company in Oregon. For this reason, the Arizona company's management might consider investing in mining instead of lumber. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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No author does this better than Swift in the final chapter in the book, titled Justice, Luck, and the Family: The Intergenerational Transmission of Economic Advantage From a Normative Perspective. In the past, there was no real economic advantage in making the switch to no-till," Bevers says. But until these facilities are brought under local environmental regulations and the loophole closed, they will enjoy an unfair economic advantage over legitimate disposal and recycling facilities, he says. |
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