Examples of Absolute advantage in the following topics:
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- A country has an absolute advantage in the production of a good when it can produce it more efficiently than other countries.
- Absolute advantage refers to the ability of a country to produce a good more efficiently that other countries.
- Absolute advantage differs from comparative advantage, which refers to the ability of a country to produce specific goods at a lower opportunity cost.
- A country with an absolute advantage can sell the good for less than a country that does not have the absolute advantage.
- Party B has an absolute advantage in producing widgets.
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- Absolute advantage refers to differences in productivity of nations, while comparative advantage refers to differences in opportunity costs.
- Absolute advantage compares the productivity of different producers or economies.
- In other words, Country A has an absolute advantage in making both food and clothing.
- Absolute advantage is important, but comparative advantage is what determines what a country will specialize in.
- Country A has an absolute advantage in making both food and clothing, but a comparative advantage only in food.
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- Absolute advantage and balance of trade are two important aspects of international trade that affect countries and organizations.
- Absolute advantage and balance of trade are two important aspects of international trade that affect countries and organizations .
- Adam Smith first described the principle of absolute advantage in the context of international trade, using labor as the only input.
- Since absolute advantage is determined by a simple comparison of labor productivities, it is possible for a party to have no absolute advantage in anything; in that case, according to the theory of absolute advantage, no trade will occur with the other party.
- The European Free Trade Agreement has helped countries international trade without worrying about absolute advantage and increases net exports.
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- It is important to remember, however, that countries will specialize in goods in which they have a comparative advantage.
- If a country has an absolutely advantage in both skilled and unskilled workers, but a comparative advantage in unskilled workers, the country will specialize in the good that is intensive in the use of unskilled labor.
- The increased returns will go to unskilled workers (they will see their wages increase), even though the country also has an absolute advantage in skilled labor.
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- Even if one country is more efficient in the production of all goods (has an absolute advantage in all goods) than another, both countries will still gain by trading with each other.
- Chiplandia enjoys and absolute advantage, an ability to produce an item with fewer resources.
- It is important to distinguish between comparative advantage and competitive advantage.
- Unlike comparative advantage, competitive advantage refers to a distinguishing attribute of a company or a product.
- For example, having good brand recognition or relationships with suppliers is a competitive advantage, but not a comparative advantage.
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- Rather than absolute advantage, comparative advantage is the driving force of specialization.
- In sum, the producer that has a smaller opportunity cost will have the comparative advantage.
- It follows that Bob will have a comparative advantage in the production of mustard.
- This doesn't mean that both countries have the same production function - one could still be absolutely more productive than the other - but neither has a comparative advantage over the other.
- Tom has the comparative advantage in producing ketchup, while Bob has the comparative advantage in producing mustard.
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- State whether it is the mean or median that minimizes the mean absolute
- Table 1 shows the absolute and squared deviations of the numbers 2, 3, 4, 9, and 16 from their median of 4 and their mean of 6.8.
- You can see that the sum of absolute deviations from the median (20) is smaller than the sum of absolute deviations from the mean (22.8).
- The relative advantages and disadvantages of the mean and median are discussed in the section "Comparing Measures" later in this chapter.
- Absolute and squared deviations from the median of 4 and the mean of 6.8
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- Absolute value can be thought of as the distance of a real number from zero.
- For example, the absolute value of 5 is 5, and the absolute value of −5 is also 5, because both numbers are the same distance from 0.
- The term "absolute value" has been used in this sense since at least 1806 in French and 1857 in English.
- Other names for absolute value include "numerical value," "modulus," and "magnitude."
- The absolute values of 5 and -5 shown on a number line.
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- Social mobility can be vertical and horizontal, absolute and relative, and between generations.
- The British middle class thus experienced absolute upward mobility.
- Once the British middle class experienced absolute upward mobility, an individual child became expected to achieve greater status than their parents, even though this was not true in every individual case.
- Cultural capital includes resources ranging from holding a graduate degree to having a grasp of a group's customs and rituals, both of which may confer an advantage in job markets and social exchanges.
- Social capital includes the advantages conferred by one's social network, such as access to professional opportunities and insider knowledge.
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- The absolute threshold is the lowest intensity at which a stimulus can be detected.
- Smell is not the only sense with absolute thresholds.
- Every sense has an absolute threshold.
- Expectations can also affect the absolute threshold.
- Light at the end of the tunnel: the absolute threshold for vision