In Today's Environment,the Global Business Entity Can Be Successful Only

question 54

Multiple Choice

In today's environment,the global business entity can be successful only if it is able to transmit ________and ________ in real time.

• A)materials; ideas
• B)ideas; information
• C)information; resources
• D)resources; commodities
• E)commodities; information

---

Definitions:

Comparative Advantage

An individual's, a business's, or a nation's potential to produce a service or good at an opportunity cost that is inferior to that of its competition.

Production Possibilities

Production possibilities refer to the different combinations of goods and services that an economy can produce given its available resources and technology.

Specialization

The process of focusing effort and resources on a limited number of activities to increase efficiency and productivity.

Quantity Demanded

Refers to the total amount of a good or service that consumers are willing and able to purchase at a specific price level, holding all other factors constant.