Examlex
What is a balanced scorecard? What are the dimensions that make up the balanced scorecard framework?
Comparative Advantage
The capability of a person, business, or nation to generate a product or offer a service with a lesser opportunity cost compared to its rivals.
Absolute Advantage
The ability of an individual, company, or country to produce more of a good or service with the same amount of resources as others.
Production Possibilities
Production possibilities involve the various combinations of different goods or services that can be produced in a given economy with available resources and technology, illustrated by the production possibilities frontier.
Production Possibilities Curve
A graphical representation that shows the various combinations of two products that an economy can produce using all its resources efficiently.
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