Discuss Some of the Advantages to the Database Approach

question 84

Essay

Discuss some of the advantages to the database approach.

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Definitions:

Comparative Advantage

The ability of a party to produce a particular good or service at a lower marginal and opportunity cost over another.

Absolute Advantage

The ability of a country or entity to produce a good or service more efficiently than its competitors.

Absolute Advantage

Refers to the ability of a country, company, or individual to produce a good or service at a lower cost per unit than any competitor using the same amount of resources.

Comparative Advantage

The ability of a country or firm to produce a certain good or service at a lower opportunity cost than others, leading to more efficient trade possibilities.