Difference between revisions of "Absolute advantage"
| (2 intermediate revisions by the same user not shown) | |||
| Line 1: | Line 1: | ||
| − | [[Absolute advantage]] is when one nation can produce a | + | [[Absolute advantage]] is when one nation can produce a [[market exchangeable]] at lower cost relative to another nation. |
==Definitions== | ==Definitions== | ||
According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | ||
| − | :[[Absolute advantage]]. When one nation can produce a product at lower cost relative to another nation. | + | :[[Absolute advantage]]. When one nation can produce a [[market exchangeable|product]] at lower cost relative to another nation. |
[[Category: Economics]][[Category: Articles]] | [[Category: Economics]][[Category: Articles]] | ||
Latest revision as of 16:57, 5 May 2023
Absolute advantage is when one nation can produce a market exchangeable at lower cost relative to another nation.
Definitions
According to Principles of Economics by Timothy Taylor (3rd edition),
- Absolute advantage. When one nation can produce a product at lower cost relative to another nation.
