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Economics explained


International trade

Absolute advantage

Absolute advantage

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Some of world trade is explained by absolute advantage.

A country has an absolute advantage in producing a product if it can produce more of a product with the same quantity of resources than another country.

If France can produce wine with less resources than the UK, and the UK can produce gin with less resources than France, then France has an absolute advantage in wine and the UK an absolute advantage in gin.

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