What is absolute advantage?
Absolute advantage refers to a country, company or individual that can produce a good or service more efficiently than its competitors.
What is absolute advantage theory?
The absolute advantage theory is a principle in economics that states that a country, company, or individual can produce more of a good or service than competitors can by using its resources more efficiently.
How to calculate absolute advantage?
Absolute advantage is a measure of how much more productive a country or company is in producing a good or service than its competitors. It is calculated by dividing the quantity of the good or service produced by the country or company by the quantity of the good or service produced by its competitors.