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Absolute advantage |
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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. Absolute Advantage The ability for an economic actor to produce a good or service using fewer resources. For example, if an individual produces 100 bricks using 100 units of labor and a second individual produces 200 bricks using the same amount of labor, the second individual has an absolute advantage in the production of bricks. This concept is generally attributed to Adam Smith. See also: comparative advantage, replacement cycle. 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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of Absolute Advantage with articles such as "Wired for
Wellness. Neither iron chills, nor copper chills have an absolute advantage. A main airline is more likely to spin off a low fare alternative
the larger is the net absolute advantage of its high fare good relative
to the net absolute advantage of low fare supply, i. |
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