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Case-Based Critical Thinking Questions
Case MYF 1
John has just been hired as a personal assistant to the owner of a national baseball team,Max Miller.Currently Max has one computer in which he keeps both his work and personal files.He'd like John to purchase a new computer and allocate one computer for work and the other for home and personal use.
-Since John will be transferring personal files from the existing computer to a new one,he should make sure the new computer includes a ____.
Absolute Advantage
The ability of a party (country, company, individual) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources.
Comparative Advantage
The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors, leading to more efficient trade possibilities.
Specialize
Refers to the process of focusing on a specific area of knowledge or skill within a broader field.
Comparative Advantage
The ability of a party to produce a particular good or service at a lower marginal and opportunity cost over another.
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