ABSOLUTE ADVANTAGE

A B C D E F G H I J L M N O P Q R S T U V W Y Z
ABSOLUTE ADVANTAGE — an economic concept referring to the ability of a country, business, or individual to produce a greater quantity of a good, product, or service than competitors, using the same amount of resources. It occurs when an entity can produce a product at a lower absolute cost or with higher efficiency due to natural endowments, technological superiority, or advanced production capabilities.