________ Is a Capacity Option That Works Especially Well in the Service

question 140

Short Answer

________ is a capacity option that works especially well in the service sector where labour needs are relatively unskilled.

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Definitions:

Opportunity Cost

The omission of possible gains that could come from different options when one is preferred.

Comparative Advantage

The competence of an individual, firm, or nation to forge a good or render a service with a lower forfeited opportunity compared to others in the market.

Productivity

A measure of the efficiency of production, usually defined as the ratio of outputs produced to inputs used.

Opportunity Costs

The cost of foregoing the next best alternative when making a decision or choosing one option over another.