Absolute advantage flashcard sets

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absolute advantage definitions
# Definition Sets
1the ability to produce a good using fewer inputs than another producer22 sets
2the ability of an individual, firm, or country to produce more of a good or service than competitors using the same amount of resources.4 sets
3the advantage that exists when a country has a monopoly on producing a specific product or is able to produce it more efficiently than all other countries4 sets
4occurs when an individual or entity can produce a good using fewer resources than another country or entity.4 sets
5the ability to produce using the fewest resources.3 sets
6fill in3 sets
7when one country is more efficient than any other country in producing a particular product2 sets
8one person has an absolute advantage over another if he or she takes fewer hours to perform a task than the other person2 sets
9to be able to make something using fewer resources than other producers require2 sets
10occurs when a country has natural resources or talents that allow it to produce an item at the lowest cost possible2 sets
11the advantage that exists when a country has a monopoly on producing a specific product or is able to produce it more efficiently than all other countries.2 sets
12a producer has an absolute advantage over another in the production of a good or service if it can produce that product using fewer resources.2 sets
13exists when a country can produce a good or service at a lower cost than other countries2 sets
14the ability to produce a specific product more efficiently than any other nation2 sets
15the ability of an individual, a firm, or a country to produce more of a good or service than competitors, using the same amount of resources2 sets
16if it has a monopoly on producing a specific product or is able to produce it more efficiently than all other countries2 sets
17the ability to produce more a given product using resources(most efficient)2 sets
18a situation in which a person or country is more efficient at producing a good in comparison with another person or country.2 sets
19ability to produce more of a good per unit of resource than other nations2 sets
20a business situation in which a provider of goods or services is more profitable or efficient than all of its competitors, by having a smaller total input per unit of output2 sets
21ability to produce a good using fewer inputs than another producer2 sets
22when a country can produce more of a particular good or service than another country with the same amount of resources2 sets
23produce more, ability to produce at a lower resource cost2 sets
24one person has an absolute advantage over another if he or she takes fewer hours to perform a task than the other person.2 sets
25when one takes fewer hours to perform a task than another2 sets
26when some individual, group, or country has the ability to produce a product more efficiently (or better) than another individual, group, or country.1 set
27the advantage conferred by the ability to produce a good more efficiently - at lower cost of resources- than other producers1 set
28ability to produce the same output with fewer resources1 set
29present if he/she can do it better themselves.1 set
30monopoly in producing something ex. diamonds1 set
31the ability to produce a good or service more efficiently1 set
32the benefit that a country has in a given industry when it can produce more of a product than other nations using the same amount of resources1 set
33the ability to produce a good using fewer inputs thna another producer1 set
34able to produce a good or service more efficiently1 set
35the ability of one person or nation to produce a particular good at a lower absolute cost than that of another person or nation.1 set
36(specialization) ability to produce more/same units of a good or service using a given/fewer units quantity of labor or resource inputs1 set
37the ability to produce the same quantity of a good or service using fewer units of labor resource inputs1 set
38the solution in which a country can produce more of a good than another country can produce with the same quantity of resources1 set
39when each of two producers can produce a different good or service more efficiently than can the other producer, each of the producers has an absolute advantage in the good or service that he produces most efficiently.1 set
40produce everything better1 set