absolute advantage

English - English

Definition of absolute advantage in English English dictionary

The capability to produce more of a given product using less of a given resource than a competing entity

(İdari Yönetim) The ability to produce something more efficiently than any other country can

(Ekonomi) The ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group

(Ekonomi) In economics, principle of absolute advantage refers to the ability of a party (an individual, or firm, or country) to produce more of a good or service than competitors, using the same amount of resources

total advantage, ability of one company to produce a good at lower costs than any other business in the same industry (Economics)

Related Terms

absolute advantages

plural form of absolute advantage

principle of absolute advantage

(Ekonomi) In economics, principle of absolute advantage refers to the ability of a party (an individual, or firm, or country) to produce more of a good or service than competitors, using the same amount of resources

absolute cost advantage

{i} competitive advantage that a company has over another which is achieves by means that result in lower average costs (such as: cheaper inputs, cheaper source of raw materials, waste minimization)

Hyphenation

Ab·so·lute ad·van·tage

Turkish pronunciation

äbsılut ädväntîc

Pronunciation

/ˈabsəˌlo͞ot adˈvantəʤ/ /ˈæbsəˌluːt ædˈvæntɪʤ/