Absolute Advantage: Difference between revisions
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'''Absolute Advantage''' is an analytical descriptive category of a entity (country, business, or individual) who is more efficient than its trading partners at all production. It is used as a device to describe why certain countries, despite their wealth and advantages, may trade with disadvantaged countries by way of the law of [[comparative advantage]]. | '''Absolute Advantage''' is an analytical descriptive category of a entity (country, business, or individual) who is more efficient than its trading partners at all production. It is used as a device to describe why certain countries, despite their wealth and advantages, may trade with disadvantaged countries by way of the law of [[comparative advantage]]. | ||
Revision as of 18:57, 2 March 2011
Absolute Advantage is an analytical descriptive category of a entity (country, business, or individual) who is more efficient than its trading partners at all production. It is used as a device to describe why certain countries, despite their wealth and advantages, may trade with disadvantaged countries by way of the law of comparative advantage.