Absolute advantage
Absolute advantage
Globalisation terms
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Glossaries
Definition of absolute advantage
Absolute advantage: If a country can produce a good cheaper than other countries, it has an absolute advantage in the production of that good. To maximise their national income, Adam Smith suggested that countries should concentrate on producing goods where they have an absolute advantage, export the surplus remaining and import other goods.
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Globalisation terms glossary
globalisation glossary index of terms
Definition and meaning of absolute advantage
Meaning of absolute advantage
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