word
Absolute Advantage
AB-suh-loot ad-VAN-tij
/ˈæbsəluːt ədˈvæntɪdʒ/Listen
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Syllable breakdown
absoluteadvantage
Dictionary meaning
The ability of a country, firm, or individual to produce a good or service using fewer resources (or in less time) than a competitor; introduced by Adam Smith. A country with absolute advantage in a product is simply more efficient at producing it.
Examples
- Saudi Arabia has an absolute advantage in oil production due to its vast reserves and low extraction costs.
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