ABSOLUTE ADVANTAGE
\ˈabsəlˌuːt ɐdvˈantɪd͡ʒ], \ˈabsəlˌuːt ɐdvˈantɪdʒ], \ˈa_b_s_ə_l_ˌuː_t ɐ_d_v_ˈa_n_t_ɪ_dʒ]\
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A country who can more efficiently generate a good or service than another. This is a big advantage in business. This theory was first suggested by the UK economist Adam Smith as an extension of his division of labor doctrine. Other terms that might help are absolute cost advantage and competitive advantage.
By Henry Campbell Black
Word of the day
dust storm
- a windstorm that lifts up clouds of dust or sand a windstorm that lifts up clouds dust or sand; "it was the kind of duster not experienced in years"