absolute advantage
Definition
In the theory of international trade, a country or firm has an absolute advantage if it can produce a product (good or service) more 'efficiently' (cheaply) than others. First suggested by the UK economist Adam Smith (1723-90) as an extension of his division of labor doctrine. See also absolute cost advantage and competitive advantage.
Popular 'Decision Making, Problem Solving, & Strategy' Terms
absolute advantage in the news
Loading...
This content can be found on the following page:
http://www.businessdictionary.com/definition/absolute-advantage.html
