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THE PRINCIPLE OF ABSOLUTE ADVANTAGE

THE PRINCIPLE OF ABSOLUTE ADVANTAGE

The principle of absolute advantage was propounded by Adam Smith and it states that a country should specialize in the production of a commodity or commodities and services in which it has absolute advantage over other countries.

 According to Adam Smith, a country has an absolute advantage over other countries if she can produce a commodity or service which other countries cannot produce. Again, give the same unit of resources, a country h absolute advantages where she can produce two commodities concerned at the least cost

  1. loans for businesses
  2. how to establish enterprises
  3. what is a firm
  4. price equilibrium
  5. scale of preference
  6. concept of economics
  7. economic tools for nation building
  8. budgeting
  9. factors affecting the expansion of industries
  10. mineral resources and the mining industries


29. PRINCIPLES OF FARM OUTLAY
30. SUMMARY OF FARM SURVEYING
31. CROP HUSBANDRY PRACTICES
32. PESTS AND DISEASE OF MAIZE- ZEA MAYS
33. CULTIVATION OF MAIZE CROP
34. OIL PALM
35. USES OF PALM OIL
36. MAINTENANCE OF PALM PLANTATION
37. COCOA