|
|
Dictionary definition: absolute cost advantage
- Article from:
- A Dictionary of Business
Copyright© A Dictionary of Business and Management 2006, originally published by Oxford University Press 2006. (Hide copyright information)
|
absolute cost advantage
The cost advantage enjoyed by a country in producing certain goods, compared to costs in other countries. The costs of producing similar products vary between different countries because certain resources, such as labour, raw materials, and energy, will be cheaper in some countries than in others. Multinational ...