Terms Beginning With 'a'

Absolute Advantage

  • December 18, 2019
  • Team Kalkine

A situation in which a country produces a larger amount of goods or service at a fixed cost or a fixed quanitity at a low cost.
For e.g. If I say that China has an absolute advantage over Europe regarding the manufacturing of consumer electronics product, it signifies that China can produce the same number of electronics goods at a lower cost than Europe.

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