A country enjoys an absolute advantage in the production of a good if that good can be produced at a lower cost in terms of other goods.

Name: A country enjoys an absolute advantage in the production of a good if that good can be produced at a lower cost in terms of other goods.
Brand: Quizplus
Rating: 4.9 (36 reviews)

Question

Quizplus · Accepted Answer

Absolute advantage refers to a country's ability to produce a good more efficiently (using fewer resources or less time) than another country, not necessarily at a lower cost in terms of other goods.

A Country Enjoys an Absolute Advantage in the Production of a Good