Name the Three Types of Skills That Managers Need and Define

question 33

Essay

Name the three types of skills that managers need and define each of them.

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Definitions:

Exchange

The act of giving one thing and receiving another (especially of the same type or value) in return.

Comparative Advantage

The ability of a country or firm to produce a particular good or service at a lower opportunity cost than its competitors, contributing to efficiency in international trade.

Economic Principle

A basic concept or rule that underlies the functioning of economies, guiding the allocation of resources.

Higher Cost

The increased expenses associated with the production of goods or services, often leading to higher prices for consumers.