Final answer:
The term 'leverage' refers to the advantage a company gains from experience in international markets, which can be due to factors like economies of scale and a split-up value chain. By maximizing such advantages, firms can achieve absolute advantage and benefit from comparative advantage through international trade.
Step-by-step explanation:
The term that refers to some type of advantage that a company enjoys by virtue of the fact that it has experience in more than one country is Leverage. Leverage is gained through various means such as the education of workers, the knowledge base of engineers and scientists, economies of scale, or the specialized learning within a split-up value chain. These factors contribute to a firm's ability to operate more effectively and compete on a global scale. For instance, by splitting up the value chain, companies can optimize each stage of production in different geographic locations to maximize efficiency and reduce costs.
Understanding the concepts of absolute advantage, gain from trade, intra-industry trade, and comparative advantage further helps us recognize how countries and businesses can benefit from specialization and international trade. Absolute advantage exists when one country can produce a good using fewer resources compared to another, enhancing productivity. Meanwhile, comparative advantage enables countries to gain from trade by specializing in goods for which they are relatively more efficient and trading for others, even when they have absolute disadvantages in all goods.