Examlex
What is the difference between a tangible and an intangible resource? Give an example of each? Which of these types of resources is most likely to lead to competitive advantage? Why?
Domestic Opportunity Cost
The cost of forgoing the next best alternative use of resources within a particular country when choosing one economic action over others.
Comparative Advantage
The ability of an individual, firm, or country to produce a certain good or service at a lower opportunity cost than others.
Absolute Advantage
The ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than the cost at which any other entity produces that good or service.
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.
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