Business Terms and Jargon Explained

What is Comparative Advantage

A country or region has a comparative advantage in the production of those goods and services in which its relative efficiency is greatest. Comparative advantage matters because a country or region can maximise its consumption of goods and services by concentrating its resources in the production of goods and services in which it has a comparative advantage, and trading its surplus production with those countries or regions which specialise in the production of goods and services in which they have a comparative advantage.

Crown Copyright. Material taken from HM-Treasury. Reproduced under the terms and conditions of the Click-Use Licence.

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Leave to appeal Business Promotion Scheme Factoring
Business Objects Financial Intermediary Information Commissioner
Customs Duty Pula WIM
Adjourn Batch production Interchange fee
Freight Forwarder Bonded Warehouse Drawback
Dobra General Partner K.I.S.S
Direct Costs Petty Cash HM Customs and Excise
Orse Whistleblower Assumption
In loco parentis Pupillage Repo
Closed Economy Enterprise Value Grey market
Calculated risk Declaration of incompatibility Warehoused Goods
Refund Baht Smurfing
Paradigm shift In solidum Marketing Plan

Term created / updated 2007-03-20 22:40:26

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