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. Investopedia Says:
Entities with absolute advantages can produce something using a smaller number of inputs than another party producing the same product. As such, absolute advantage can reduce costs and boost profits. Related Terms:
Comparative Advantage
Competitive Advantage
Core Competency
Eating Someone's Lunch
Eclectic Paradigm
Productivity
Soft Economic Moat
Specialization |