The ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.
〔经济〕绝对优势
Example sentencesExamples
If absolute advantage rules, capitalism itself will redistribute income and wealth from rich countries to poor ones.
Hence, people in general, not only nations, divide labor among themselves according to their comparative advantages (and not according to their absolute advantages as perhaps is the common belief, shared also by Smith).
Many developing countries have an absolute advantage in the price of unskilled labor.
Ricardo demonstrated that although a country does not have an absolute advantage in the production of any goods vis-à-vis another country, gains can still be made from international trade.
However, as David Ricardo famously demonstrated, specialization and trade can benefit even a country that has an absolute advantage in all industries.
Definition of absolute advantage in US English:
absolute advantage
noun
Economics
The ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.
〔经济〕绝对优势
Example sentencesExamples
Ricardo demonstrated that although a country does not have an absolute advantage in the production of any goods vis-à-vis another country, gains can still be made from international trade.
Hence, people in general, not only nations, divide labor among themselves according to their comparative advantages (and not according to their absolute advantages as perhaps is the common belief, shared also by Smith).
If absolute advantage rules, capitalism itself will redistribute income and wealth from rich countries to poor ones.
Many developing countries have an absolute advantage in the price of unskilled labor.
However, as David Ricardo famously demonstrated, specialization and trade can benefit even a country that has an absolute advantage in all industries.