Absolute advantage A person, company or country has an absolute advantage if its output per unit of input of all goods and services produced is higher than that of another person, company or country.
Absolute form of purchasing power parity
Absolute form of purchasing power parity A theory that prices of products of two different countries should be equal when measured by a common currency. Also called the "law of one price."
Absolute Physical Life
Absolute Physical Life The period of use after which an asset has deteriorated to such an extent that it can no longer be used.