Answer:
The ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.
Explanation:
Or, an economy can produce a greater total of goods for the same quantity of inputs.
(Absolute advantage means that fewer resources are needed to produce the same amount of goods and there will be lower costs than other economies.)
Answer:
The ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.
Explanation:
For example, India has an absolute advantage in operating call centers compared to the Philippines because of its low cost of labor and abundant labor force.
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