Absolute cost advantage,
Definition of Absolute cost advantage:
Competitive advantage that a firm or a country obtains through cheaper inputs, innovation, proprietary know how, waste minimization, or other such means resulting in lower average costs. See also acquired advantage.
The ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.
How to use Absolute cost advantage in a sentence?
- If absolute advantage rules, capitalism itself will redistribute income and wealth from rich countries to poor ones.
Meaning of Absolute cost advantage & Absolute cost advantage Definition