Ask Question
BusinessBusiness
17 March, 07:40

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

+3
Answers (1)
  1. 17 March, 07:51
    0
    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.)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “What does it mean to have an "absolute advantage" in production? ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Choose the best revision to the following sentence. A. While listening to the WebEx presentation, my computer speakers malfunctioned. B. While I was listening to the WebEx presentation, my computer speakers malfunctioned. C.
Answers (1)
Are export tariffs illegal in the United States?
Answers (1)
Unlike a cost competitive advantage, a sustainable competitive advantage: a. is not attractive because of its durability. b. cannot be copied by the competition. c. lowers costs by removing frills. d. does not offer any low-priced products.
Answers (1)
Leona enters into a contract with munchies bakery to cater a sales conference. when the conference is postponed indefinitely, leona asks a court to cancel the contract and return the parties to the positions that they held before its formation.
Answers (1)
Prepare a December 31, 2020, balance sheet for Long Print Shop from the following: cash, $50,000; accounts payable, $38,000; merchandise inventory, $14,000; Joe Ryan, capital, $46,000; and equipment, $20,000.
Answers (1)
New Questions in Business
The ledger of Marin Inc. at the end of the current year shows Accounts Receivable $82,000; Credit Sales $840,000; and Sales Returns and Allowances $49,000.
Answers (1)
Chip bought 10 shares of apex company for $40 each and later sold all of them at $45 each. this transaction resulted in what type of event?
Answers (1)
Your firm has $500 million of investor-supplied capital, its return on investors' capital (ROIC) is 15%, and it currently has no debt in its capital structure (i. e., wd = 0).
Answers (1)
Diseconomies of scale imply that the average total cost curve is downward-sloping in the long run. a. True b. False
Answers (1)
Henrich is a single taxpayer. In 2019, his taxable income is $455,000. What is his income tax and net investment income tax liability in each of the following alternative scenarios?
Answers (1)
Home » Business » What does it mean to have an "absolute advantage" in production?
Sign Up Forgot Password?