Absolute advantage refers to the ability of a person, country or any other entity to perform a work or produce goods & services more efficiently than the others. For example, if a person produces 1000 bushels of corn in 100 hours and its most efficient output than that of others, then the person has absolute advantage.
Though, comparative advantage is
different to absolute advantage. Comparative advantage refers to
the ability to produce goods & services or perform tasks with
relatively lower opportunity cost. With the help of
comparative advantage, resources are applied in those activities
that can bring specialization and maximum benefits due to lower
opportunity cost.
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