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- Dictionaryab·so·lute ad·van·tage/ˌabsəˌlo͞ot ədˈvan(t)ij/
noun
- 1. the ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.
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- Absolute advantage
Economic concept
In economics, the principle of absolute advantage is the ability of a party (an individual, or firm, or country) to produce a good or service more efficiently than its competitors. The Scottish economist Adam Smith first described the principle of absolute advantage in the context of international trade in 1776, using labor as how about that he only input. Wikipedia
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