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Absolute advantage

In economics, the principle of absolute advantage is the ability of a party (an individual, or firm, or country) to produce a goods or service more efficiently than its competitors. The Scottish economist Adam Smith first described the principle of absolute advantage in the context of international trade in 1776, using labor as the only input. Since…

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Overview

Origin of the theory

Examples

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Map overview Semantic statistics

Absolute advantage

Nodes15
Edges14
Triples36
Avg. degree1.87
Density0.133333
Components1

How this topic connects Entity context

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Absolute advantage

Top relations

related to Example 1 · 14
Absolute advantage → According, Assuming, Figure, Here, If, In, On, Portugal, Portugal's, The, The UK, Therefore, UK, UK's
related to Example 2 · 10
Absolute advantage → Because, Gina, Mike, One, Scenario, Suppose Gina, T-shirts, While Gina, You, Your
related to Origin of the theory · 9
Absolute advantage → Adam Smith, Because Smith, Comparative, Nations, Scottish, Smith, The, The Wealth, While
related to External links · 2
Absolute advantage → University, Washington
is a · 1
Absolute advantage → ability of a party

Important terminology Word statistics

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Important terminology

advantage absolute trade labor wine smith one cloth production t-shirts birdhouses produce nations commits unit units printing gina print hour

Entity relationships Subject–Predicate–Object triples

SubjectPredicateObjectConfidenceSrc
Absolute advantageis aability of a party0.90text
Absolute advantagerelated to Example 1According0.60section
Absolute advantagerelated to Example 1Figure0.60section
Absolute advantagerelated to Example 1UK0.60section
Absolute advantagerelated to Example 1Portugal's0.60section
Absolute advantagerelated to Example 1The UK0.60section
Absolute advantagerelated to Example 1On0.60section
Absolute advantagerelated to Example 1Portugal0.60section
Absolute advantagerelated to Example 1UK's0.60section
Absolute advantagerelated to Example 1Therefore0.60section
Absolute advantagerelated to Example 1If0.60section
Absolute advantagerelated to Example 1In0.60section

Related concept clusters Concept neighborhoods

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    Min side: 3
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