For a Resource or Capability to Be a Source of Competitive

question 9

True/False

For a resource or capability to be a source of competitive advantage,two conditions must be present: scarcity and relevance

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Definitions:

Opportunity Cost

Passing up on potential profits from a range of choices when one selection is made.

Decision-making Process

A series of steps taken by an individual or organization to determine the best action to achieve a particular goal.

Efficient Markets

Financial markets where prices fully reflect all available information.

Marginalism

The process of analyzing the additional or incremental costs or benefits arising from a choice or decision.