This concept comprises many alternative meanings and connotations. Although a typical definition would suggest the fundamental notion involved is one of responsibility to someone, or for some action (and both elements could be present simultaneously, of course), there is the added dimension of the need to actually render an account (i.e., of one’s conduct) to…
Tag: Examples
Absolute Advantage Theory of International Trade: Meaning, Examples and Notes
The argument that countries differ in their ability to produce goods efficiently, and hence one country may have an advantage in the production of a product that is absolute over any other country in producing it is called absolute advantage. Efficiency is defined as producing with a minimum of waste, expense, or unnecessary effort, and…