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17 March, 07:40

What does it mean to have an "absolute advantage" in production?

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  1. 17 March, 07:51
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    In economics, the principle of absolute advantage refers to the ability of a party (an individual, or firm, or country) to produce a greater quantity of a good, product, or service than competitors, using the same amount of resources

    (i. e : India has an absolute advantage in operating call centers compared to the Philippines because of its low cost of labor and abundant labor force.)
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