| 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. |
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 Those entities with absolute advantages can produce something using a smaller number of inputs than another party producing the same product. |
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 Economics Basics Tutorial - Learn economics principles such as the relationship of supply and demand, elasticity, utility, and more! |
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