Comparative Advantage Refers to the Ability to Produce at a Lower

question 155

True/False

Comparative advantage refers to the ability to produce at a lower financial cost than a competitor.

---

Definitions:

Preferences For Equity

The inclination toward fairness in allocations of rewards or resources among members of a group, based on the principle that contributions and benefits should be proportionate.

New Ideas

Original or innovative thoughts, concepts, or approaches that have not been previously considered or explored.

Motivation

The process that initiates, guides, and maintains goal-oriented behaviors. It is what causes us to take action, whether to fulfill a need or achieve a goal.

Hygiene Factors

According to Herzberg's motivation-hygiene theory, these are factors that can lead to dissatisfaction if absent but do not necessarily motivate if present; they include aspects like salary, company policies, and working conditions.