Business, Legal & Accounting Glossary
Absolute advantage theory was introduced by the Scottish economist Adam Smith (1723-1790).
Absolute advantage theory asserts that a nation benefits from manufacturing more output than others since it is in the possession of a particular resource or commodity. This particular resource can also be a certain method or knowledge that increases the production efficiency and thus reduces the relative need to resources.
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This glossary post was last updated: 20th March, 2020 | 4 Views.