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comparative advantage |
Also found in: Financial, Wikipedia, Hutchinson | 0.01 sec. |
comparative advantageEconomic theory first advanced by Robert Torrens and David Ricardo that analyzes international trade in terms of differences in relative opportunity costs. The theory suggests that countries should specialize in the goods they can produce most efficiently rather than trying for self-sufficiency and argues strongly in favour of free international trade. |
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In short, the AFL's historical predominance gave Los Angeles, and California more generally, a comparative advantage in the late 20th century, when the region became a crucible of labor renewal. Deploying such a plan will enhance our comparative advantage. We have a natural comparative advantage with our vast forests, so we sell wood and fibre. |
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comparative advantage
