Absolute advantage
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In economics, the principle of absolute advantage refers to the ability of a party (an individual, or firm, or country) to produce a good or service more efficiently than its competitors.
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See also
- Comparative advantage
- Economies of scale
- Gains from trade
- Global labor arbitrage
- Heckscher-Ohlin model
- Intra-industry trade
- New trade theory
- On the Principles of Political Economy and Taxation, by David Ricardo
- Real wage
- Relative price
- Revealed comparative advantage
- Ricardian model
- Supply and demand
- Trade
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