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Definition

  1. (global marketing definition) A theory that holds that a country can gain from trade even if it has an absolute disadvantage in the production of all goods, or, that it can gain from trade even if it has an absolute advantage in the production of all goods.
  2. (economic definition) A term that relates to both the greater absolute advantages or the smaller absolute disadvantages that a country has in economic activities as compared with other countries.[1]

References

  1. ^ American Marketing Association. AMA Dictionary.

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