A Team Is a Unit of People Who Interact and Coordinate

question 54

Essay

A team is a unit of people who interact and coordinate their work toward a common goal. Relate one of your own personal experiences of working as part of a team (perhaps in school, in sports, or at work), and use that example to illustrate the value of teams in the modern workplace and how managers can build teams for a competitive advantage.

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Definitions:

Comparative Advantage

The ability of a party to produce a particular good or service at a lower opportunity cost than others, enabling trade benefits.

Absolute Advantage

The ability of an entity to produce a good or service more efficiently than its competitors with the same resources.

Absolute Advantage

The ability of a country, individual, or firm to produce a good more efficiently than another entity, using fewer resources.

Fewer Resources

A situation or condition where there is a reduced availability of inputs or factors of production such as land, labor, and capital.