The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

ABSOLUTE ADVANTAGE Definition & Legal Meaning

Law dictionary entry - legal definition of embargo

Definition & Citations:

A country who can more efficiently generate a good or service than another. This is a big advantage in business. This theory was first suggested by the UK economist Adam Smith as an extension of his division of labor doctrine. Other terms that might help are absolute cost advantage and competitive advantage.

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