What does absolute cost advantage mean?

absolute cost advantage meaning in Law Dictionary

competitive side that allows another firm or nation to obtain, reinvent, and create good or service with lower cost. This also minimizes waste. This is certainly also called acquired benefit.

absolute cost advantage meaning in Business Dictionary

Competitive benefit that a firm or a country obtains through cheaper inputs, innovation, proprietary know-how, waste minimization, or other these types of means leading to reduced average expenses. See additionally acquired advantage.