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What is another word for comparative advantage?

Pronunciation: [kəmpˈaɹətˌɪv ɐdvˈantɪd͡ʒ] (IPA)

Comparative advantage is a term that refers to an economic theory that depicts the ability of an individual or a nation to produce a particular good or service more efficiently than another. Some of the synonyms that are used to describe comparative advantage include absolute advantage, market efficiency, international trade theory, productivity advantage, specialization, and competitiveness. Absolute advantage refers to the ability of a producer to produce a given product at a lower cost than any of its competitors, while market efficiency refers to the ability of a market to allocate resources appropriately. International trade theory is the study of the patterns and sources of international trade, while productivity advantage refers to the ability of a producer to produce more goods or services than its rivals. Specialization refers to the practice of focusing on a particular area of expertise, while competitiveness is the ability of a company or nation to compete effectively with its rivals.
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What are the hypernyms for Comparative advantage?

A hypernym is a word with a broad meaning that encompasses more specific words called hyponyms.

Famous quotes with Comparative advantage

  • The ability to work with systems of general equilibrium is perhaps one of the most important skills of the economist — a skill which he shares with many other scientists, but in which he has perhaps a certain comparative advantage.
    Kenneth Boulding

Related words: international trade, comparative advantage, trade theory

Related questions:

  • What is comparative advantage?
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