Which term describes a situation in which one country can produce more of a product in other countries?

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07-12-2022
Business

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Which term describes a situation in which one country can produce more of a product in other countries?

Sagot :

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Yogeshkumari Yogeshkumari · Answer 1 · 2022-12-14T00:30:33-05:00

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.

Absolute advantage in economics refers to a party's capacity to deliver an item or service more effectively than its rivals. Adam Smith, a Scottish economist, originally introduced the idea of absolute advantage in 1776 when discussing international commerce and utilizing labour as the sole input.

A side may not have an absolute advantage in anything since absolute advantage is defined by a straightforward comparison of labour productivity. The Scottish economist Adam Smith, who criticised mercantilist views in his 1776 book The Wealth of Nations, is largely credited with developing the idea of absolute advantage.

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Which term describes a situation in which one country can produce more of a product in other countries?

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