comparative advantage
Comparative advantage refers to the ability of a country, individual, or organization to produce a particular good or service at a lower opportunity cost compared to others. It implies that a party can produce a certain product more efficiently or with fewer resources, allowing them to specialize in that area and trade with others, leading to overall gains in productivity and economic welfare.
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Related Concepts (1)
Similar Concepts
- alliances for competitive advantage
- comparative analysis
- comparative genomics
- comparative research
- comparison to others
- comparisons
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- competitive advantage through productivity gains
- competitive analysis
- competitiveness
- contrast and comparison
- economic competition
- economic competitiveness
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