Examlex
As a manager,if you find that you are always "putting out fires," then YOUR EMPLOYEES are not listening well enough.
Comparative Advantage
An economic theory stating that a country or individual can produce goods at a lower opportunity cost than their trade partners, leading to more efficient trade outcomes.
Absolute Advantage
A situation where an entity can produce a good or service more efficiently (using fewer resources) than another entity.
Opportunity Cost
The expense incurred by not choosing the next most favorable option during a decision-making process.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision, a foundational concept in economics that emphasizes the potential benefits that are missed when choosing one option over another.
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