A(n) ___ Effect Occurs When One Attribute Is Used to Develop

question 154

Short Answer

A(n) ___ effect occurs when one attribute is used to develop an overall impression of a person or situation.

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Definitions:

Comparative Advantage

The ability of an entity to produce goods or services at a lower opportunity cost than others, leading to more efficient trade and production.

Absolute Advantage

Absolute advantage refers to an individual's, firm's, or country's ability to produce more of a good or service than competitors, using the same amount of resources.

Technology

The application of scientific knowledge for practical purposes, especially in industry.

Increasing Returns

A situation in economics where an increase in the scale of production leads to a more than proportionate increase in output, often due to efficiencies gained.