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Absolute advantage: The ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than the cost at which any other entity produces that good or service.
A country has an absolute advantage economically over another when it can produce something more cheaply...
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Absolute advantage: The ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than the cost at which any other entity produces that good or service.
A country has an absolute advantage economically over another when it can produce something more cheaply...
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