Home > Terms > Armenian (HY) > միանշանակ առավելություն
միանշանակ առավելություն
This is the simplest yardstick of economic performance. If one person, firm or country can produce more of something with the same amount of effort and resources, they have an absolute advantage over other producers. Being the best at something does not mean that doing that thing is the best way to use your scarce economic resources. The question of what to specialize in--and how to maximize the benefits from international trade--is best decided according to comparative advantage. Both absolute and comparative advantage may change significantly over time.
0
0
Improve it
- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Economy
- Category: Economics
- Company: The Economist
- Product:
- Acronym-Abbreviation:
Other Languages:
Member comments
Terms in the News
Featured Terms
Contributor
Featured blossaries
bcpallister
0
Terms
1
Blossaries
0
Followers
Joiner Hardware in Relation to Timber Doors and Windows
Category: Other 1 1 Terms
Browers Terms By Category
- Printers(127)
- Fax machines(71)
- Copiers(48)
- Office supplies(22)
- Scanners(9)
- Projectors(3)
Office equipment(281) Terms
- Satellites(455)
- Space flight(332)
- Control systems(178)
- Space shuttle(72)
Aerospace(1037) Terms
- Lumber(635)
- Concrete(329)
- Stone(231)
- Wood flooring(155)
- Tiles(153)
- Bricks(40)
Building materials(1584) Terms
- Cheese(628)
- Butter(185)
- Ice cream(118)
- Yoghurt(45)
- Milk(26)
- Cream products(11)
Dairy products(1013) Terms
- Capacitors(290)
- Resistors(152)
- Switches(102)
- LCD Panels(47)
- Power sources(7)
- Connectors(7)