Process Development Strategies Seek to Achieve a Competitive Advantage by ________

question 84

Multiple Choice

Process development strategies seek to achieve a competitive advantage by ________.

• A)looking for ways to enhance existing work processes
• B)committing to scientific research
• C)making the firm more effective
• D)improving on existing technology
• E)both B and C

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Definitions:

Internationally Traded Goods

Products and services that are bought and sold across national borders, subject to international agreements and regulations.

Comparative Advantage

The capability of an entity to manufacture a product or provide a service at a reduced opportunity cost compared to its competitors.

Opportunity Cost

The cost of foregone alternatives, the value of the next best alternative that is given up when making a decision.

Comparative Advantage

The ability of a country or firm to produce a particular good or service at a lower opportunity cost than its competitors, leading to more efficient trade and production patterns.