ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Absolute advantage is the ability of an individual, company, region, or country to produce a greater quantity of a good or service with the same quantity of inputs per unit of time, or to produce the same quantity of a good or service per unit of time using a lesser quantity of inputs, than its competitors.

Detailed explanation-2: -absolute advantage, economic concept that is used to refer to a party’s superior production capability. Specifically, it refers to the ability to produce a certain good or service at lower cost (i.e., more efficiently) than another party.

Detailed explanation-3: -In economics, absolute advantage refers to the capacity of any economic agent, either an individual or a group, to produce a larger quantity of a product than its competitors.

Detailed explanation-4: -Absolute Advantage: The ability of an actor to produce more of a good or service than a competitor. Comparative Advantage: The ability of an actor to produce a good or service for a lower opportunity cost than a competitor.

Detailed explanation-5: -Absolute advantage and comparative advantage are two concepts in economics and international trade. Absolute advantage refers to the uncontested superiority of a country or business to produce a particular good better.