Absolute advantage flashcard sets

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absolute advantage definitions
# Definition Sets
1the ability to produce a good using fewer inputs than another producer24 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.5 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
5one person has an absolute advantage over another if he or she takes fewer hours to perform a task than the other person3 sets
6fill in3 sets
7the ability to produce using the fewest resources.3 sets
8one person has an absolute advantage over another if he or she takes fewer hours to perform a task than the other person.2 sets
9when one takes fewer hours to perform a task than another2 sets
10a 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
11ability to produce more of a good per unit of resource than other nations2 sets
12a country has an absolute advantage over another country in the production of a good if it can produce that good more efficiently (with fewer inputs)2 sets
13the comparison among producers of a good according to their productivity2 sets
14exists when a country can produce a good or service at a lower cost than other countries2 sets
15a situation in which a person or country is more efficient at producing a good in comparison with another person or country.2 sets
16a 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
17produce more, ability to produce at a lower resource cost2 sets
18occurs when a country has natural resources or talents that allow it to produce an item at the lowest cost possible2 sets
19to be able to make something using fewer resources than other producers require2 sets
20the ability to produce a good using fewer inputs than another producer.2 sets
21when one country is more efficient than any other country in producing a particular product2 sets
22the 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
23the ability to produce more a given product using resources(most efficient)2 sets
24the ability to produce a specific product more efficiently than any other nation2 sets
25ability to produce a good using fewer inputs than another producer2 sets
26the 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
27if it has a monopoly on producing a specific product or is able to produce it more efficiently than all other countries2 sets
28when a country can produce more of a particular good or service than another country with the same amount of resources2 sets
29the ability to produce a good or service more efficiently1 set
30when some individual, group, or country has the ability to produce a product more efficiently (or better) than another individual, group, or country.1 set
31occurs when a country has special natural resources or capabilities that allow it to produce a given commodity at a lower cost than any other nation in the world.1 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
33can outproduce another country, can produce more of a good than another1 set
34produce something with fewest amount of resources (measured in timre)1 set
35the ability to produce a good using fewer inputs thna another producer1 set
36advantage a nation has when it possesses natural resources1 set
37to be able to amke something using fewer resources than other producers require1 set
38the ability of one country to pruduce more goods than any other country is called1 set
39the worker who can do something with the least amount of resources1 set
40the advantage conferred by the ability to produce a good more efficiently - at lower cost of resources- than other producers1 set