The correct answer would be option B, Having a lower cost of production than other firms or nations.
Absolute advantage is having a lower cost of production than other firms or nations.
Explanation:
When a firm or nation can produce a product or service with less resources, or at lower cost, than other firms or nations, then this advantage is said to be the Absolute advantage.
When a firm or nation is able to produce a product or service cheaply than other firm or nation, this is called as Absolute Advantage.
We can take an example to understand the concept of Absolute Advantage. India has cheap workforce than Philippines, so India has an absolute advantage over Philippines in the Call Center Sector because India can hire workforce at a cheaper rate which can do the same task as that of the workforce in Philippines.
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Answer:
What are the following factors.
Explanation:
To counterballence the threat posed by Germany Austria and italy
Answer:
the answer
Explanation:
When World War One started in August 1914, Russia responded by patriotically rallying around Nicholas II. ... By the end of 1917, the Bolsheviks led by Lenin had taken power in the major cities of Russia and introduced communist rule in those areas it controlled
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