Examlex
Benchmarking involves comparing the firm's products and processes to those of the competitors to identify best practices to improve quality and performance.
Comparative Advantage
A principle that states that a party should specialize in producing goods for which it has the lowest opportunity cost, leading to increased economic efficiency.
Opportunity Cost
The sacrifice of potential gains from other possibilities when a specific alternative is opted for.
Absolute Advantage
A condition in which a country, individual, or firm can produce a good or service at a lower cost per unit than competitors.
Specialization
Focusing on a narrow area of expertise or production, often leading to increased efficiency and productivity in that area.
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