Describe the concept of absolute advantage within the framework of global business
What will be an ideal response?
Answer: A country is said to have an absolute advantage when it has a monopoly on producing a product more cheaply or efficiently than any other country can.
Explanation: Natural and technological resources are not distributed equally among countries. When a country has virtually all the capacity to produce a particular resource or product, it has an advantage over all other countries. Absolute advantage is extremely uncommon on a global basis.
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