Examlex
What are the advantages and disadvantages of outsourcing firm activities?
Comparative Advantage
The ability of an entity to produce a good or service at a lower opportunity cost than its competitors.
Fewer Resources
Fewer resources refer to having a limited quantity of inputs or materials available for production or consumption compared to what is needed or demanded.
Specialization In Production
The process by which businesses or economies focus on producing a limited range of goods or services to gain greater efficiency and productivity.
International Trade
The exchange of goods and services between countries, allowing for specialization, more efficient production, and access to a broader range of products.
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