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Absolute Cost Advantage

At any given level of quantity produced, the incumbent firm has lower costs of production than the new firm. This is due to extra knowledge gained over time, endowment of natural rights, possession of patents, cost of capital to new firms and many other factors.

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Arbitrage

Taking advantage of a price differential. The two most common types of arbitrage related to food security are spatial arbitrage (where commodities are moved from areas or markets with lower prices to areas or markets with higher prices and the difference exceeds the transfer costs) and temporal arbitrage (where commodities are obtained, stored and sold at a point in the future when prices are expected to be higher and the difference exceeds the costs associated with the temporal transfer.

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