Difference between revisions of "Absolute advantage"
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| − | [[Absolute advantage]] is when one nation can produce a product at lower cost relative to another nation. | + | [[Absolute advantage]] is when one nation can produce a [[product]] 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 [[product]] at lower cost relative to another nation. |
[[Category: Economics]][[Category: Articles]] | [[Category: Economics]][[Category: Articles]] | ||
Revision as of 22:40, 30 May 2020
Absolute advantage is when one nation can produce a product 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.
