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date: 29 November 2023

absolute advantage 

Source:
A Dictionary of Economics
Author(s):

Nigar Hashimzade,

Gareth Myles,

John Black

The ability to produce an output using fewer inputs than other producers. With only one type of resource, such as hours of work, a producer with lower inputs has an absolute advantage. When there are many factors of production absolute advantage means that the ... ...

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