- comparative advantage
- The relative efficiency in a particular economic activity of an individual or group of individuals over another economic activity, compared to another individual or group. One of the fundamental propositions of economics is that if individuals or groups specialize in activities in which their comparative advantage lies, then there are gains from trade. This proposition, first outlined by David Ricardo (1772–1823), is one of the main arguments for free trade and against such restrictions as tariffs and quotas.
Accounting dictionary. 2014.
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Comparative advantage — Economics … Wikipedia
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comparative advantage — noun : the advantage enjoyed by a person or country in the cost ratio of one commodity to another in comparison with the ratio of costs of these same commodities elsewhere … Useful english dictionary
comparative advantage — the idea that areas tend to be more efficient in certain economic activities than others and so should specialise in them in order to maximize their quality of life through trade … Geography glossary
comparative advantage — relative benefit, something which is beneficial when compared to the other options … English contemporary dictionary
comparative advantage — noun Economics the ability of an individual or group to carry out a particular economic activity more efficiently than another activity … English new terms dictionary