The name for the ability of one entity to engage in more efficient production...
The advantage in the production of a product enjoyed by one country over another when it uses fewer resources to produce than the other country does.
The ability to produce more units of a good or service than some other producer, using the same quantity of resources.
the ability to produce a specific product more efficiently than any other nation
A country has an absolute advantage over another country in the production of a particular good if it produces more of this good from a unit of resources than the other country does. (MY)
Having a cost advantage in producing a good or service.
In international trade, this is the ability of companies in one country to supply goods and services at lower cost than competitors in other countries. Most world trade emanates from this ability, as in the case of Japan's exports of automobiles. America's exports of wheat, or France's export of prime table wine. Cf. comparative advantage.
the ability to produce a particular good more cheaply than other countries.
An absolute advantage exists when a nation or other economic region is able to produce a good or service more efficiently (by used resources) than a second nation or region.
1. A situation in which a nation has a monopoly on a product or can produce it at the lowest cost; 2. The ability to produce something with fewer resources than other producers would use to produce the same thing.
A nation's ability to produce a particular product with fewer resources per unit of output than any other nation.
A country has an absolute advantage if its output per unit of input of all goods and services produced is higher than that of another country.
An advantage that a country has in producing certain goods or services relative to all or many other countries due to specific factors of production at its disposal- such as rich farmland and a favorable climate for agricultural production or a highly educated labor force for high-tech manufacturing. A country's absolute advantage means that it can produce certain goods or services at a lower cost than would be possible for other countries. Thus it is clearly beneficial for this country to specialize in producing and exporting these goods and services. But even countries that do not have any absolute advantages can benefit from international trade; see comparative advantage.
a country has an absolute advantage over another country in the production of a good if it can produce that good more efficiently (with fewer inputs)
the ability to produce a good at a lower cost, in terms of real resources than another country. Absolute Advantage is neither necessary nor sufficient for a country to export a good.
A person has an absolute advantage in the production of two goods, if by using the same quantities of inputs, that person can produce more of both goods than another person can. A country has an absolute advantage if its output per unit of inputs of all goods is larger than that of another country.
when an individual or entity can produce more of a good than another individual or entity
the ability to produce some good or service at a lower absolute cost than other producers
The ability of a producer to produce a higher absolute quantity of a good with the productive resource available.
Refers to international trade where one country has an absolute advantage in producing a good. The country that has the absolute advantage is able to produce the good more efficiently than another country.See also "comparative advantage".
A country has an absolute advantage economically over another, in a particular good, when it can produce that good more cheaply. A country also has an absolute advantage if it can produce more of the good than another country can, with the same amount of resources.