comparative advantage — the ability of an individual or group to carry out a particular economic activity more efficiently than another activity
Part of speech: NOUN
Definition: the ability of an individual or group to carry out a particular economic activity more efficiently than another activity
Pronunciation (IPA): /kəmˈpærətɪv ədˈvæntɪdʒ/
Example Sentences
- Even though I'm terrible at both cooking and cleaning, I have a comparative advantage in cooking because I only burn the food half the time.
- Japan's comparative advantage in automobile manufacturing helped it become a global leader in the industry.
- My comparative advantage in procrastination is so strong that I could write a book about it... tomorrow.
comparative advantage
NOUN[/kəmˈpærətɪv ədˈvæntɪdʒ/]
the ability of an individual or group to carry out a particular economic activity more efficiently than another activity
the ability of an individual or group to carry out a particular economic activity more efficiently than another activity
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🎤Pronunciation
🌳Etymology
Origin
This economic concept was introduced by 19th-century economist David Ricardo. It combines 'comparative,' derived from Latin comparare (to compare), with 'advantage,' from Old French avantage (a position ahead or superiority).
Breakdown
comparative- (Latin comparare: to compare, set side by side) + -advantage (Old French avantage: forward position, superiority).
🎵Rhyme
🔗Collocations
📝Examples
“Even though I'm terrible at both cooking and cleaning, I have a comparative advantage in cooking because I only burn the food half the time.”
“Japan's comparative advantage in automobile manufacturing helped it become a global leader in the industry.”
“My comparative advantage in procrastination is so strong that I could write a book about it... tomorrow.”
“Countries should focus on industries where they have comparative advantage to maximize economic efficiency.”
📚Related Words
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