Briefly Identify the Four Conditions Used to Achieve a Sustainable

question 62

Essay

Briefly identify the four conditions used to achieve a sustainable competitive advantage by companies.

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Definitions:

Law Of Diminishing Returns

The principle that as successive increments of a variable resource are added to a fixed resource, the marginal product of the variable resource will eventually decrease.

Resource Inputs

The basic materials and components required in the production process to create goods or services.

Product Outputs

Product outputs refer to the goods or services produced as a result of manufacturing processes or business activities.

Total Costs

The total expense of production, encompassing both non-changing and changing costs.