Examlex
UTM uses which of the following units of measurement?
Absolute Advantage
The ability of a party to produce a greater quantity of a good, product, or service than competitors, using the same amount of resources.
Comparative Advantage
The capability of an entity to generate a product or service with a smaller opportunity cost compared to another entity.
Comparative Advantage
The talent of a country or business to create a certain product or service more efficiently, incurring lower opportunity costs than competing entities.
Absolute Advantage
A condition where an entity can produce a good at a lower cost in terms of labor, resources, and time than another entity producing the same good.
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