A country with an absolute advantage can produce a good or service

Absolute advantage refers to the ability of a country to produce a good more efficiently than other countries. In other words, a country that has an absolute advantage can produce a good with lower marginal cost (fewer materials, cheaper materials, in less time, with fewer workers, with cheaper workers, etc.

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srastiuts023 srastiuts023 · Answer 2 · 2022-06-02T22:24:56+02:00

The correct answer is Absolute advantage describes a situation in which an individual, business, or country can produce more of a good or service than any other producer with the same quantity of resources. The United States, for example, has a skilled workforce, abundant natural resources, and advanced technology.

What happens when a country has an absolute advantage in all goods?

Even when one country has an absolute advantage in all products, trade can still benefit both sides. This is because gains from trade come from specializing in one's comparative advantage.

How does a country have an absolute advantage?

A country has an absolute advantage in producing a good over another country if it uses fewer resources to produce that good. Absolute advantage can be the result of a country's natural endowment.

What is meant by absolute advantage?

absolute advantage, an economic concept that is used to refer to a party's superior production capability. Specifically, it refers to the ability to produce a certain good or service at a lower cost (i.e., more efficiently) than another party.

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