Relative Advantage

Relative Advantage refers to the perceived benefits or superiority of one idea, product, or innovation compared to others. It highlights how much better something is at solving a problem or meeting a need. For example, if a new smartphone offers faster performance, longer battery life, and better features than its predecessors, it has a relative advantage. This concept is important in decision-making, as people are more likely to adopt new technologies or ideas when they see clear advantages over existing options. Essentially, it's about evaluating what makes one choice preferable over another.