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What is a competitive advantage?

What is a competitive advantage? Here are some definitions.

Noun
  1. something that places a company or a person above the competition
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Examples
This means that Bulgarian organic farmers have a good competitive advantage on European markets.
All it means is that the source of competitive advantage from technology is not in terabytes or gigaflops any more.
The ability to deliver and prove high levels of performance is no longer just a competitive advantage.
Also, large producers are loath to green their products unless they see a competitive advantage to doing so.
The cattle barons dominated because without property rights the biggest operations gained all the competitive advantage.
Smaller individuals will hence be at a competitive advantage with respect to exploitative competition.

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