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Michael and Angelo are both artists who can create sculptures or paintings each day.The following table describes their maximum outputs per day.Does either one have a comparative advantage?
Value-Added
The enhancement a company gives its product or service before offering the product to customers, adding value beyond the cost of the raw materials.
Balanced Scorecard
A strategic planning and management system used by organizations to communicate what they are trying to accomplish and measure the performance against strategic goals.
Financial Measures
Quantitative indicators used to assess the financial health, performance, and stability of a business or project.
Customer Measures
These are metrics used by companies to assess satisfaction, loyalty, and experience from the customer's perspective.
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