What Is Competitive Advantage? Identify Five Forces That Cause Firms

question 74

Essay

What is competitive advantage? Identify five forces that cause firms to seek competitive advantage.

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Definitions:

American Farmers

Individuals in the United States engaged in agriculture, playing a critical role in the economy and food production.

Gate-Control Theory

The theory that the spinal cord contains a neurological “gate” that blocks pain signals or allows them to pass on to the brain. The “gate” is opened by the activity of pain signals traveling up small nerve fibers and is closed by activity in larger fibers or by information coming from the brain.

Endorphins

“Morphine within”—natural, opiate-like neurotransmitters linked to pain control and to pleasure.

Adrenaline

A hormone and neurotransmitter that increases heart rate, muscle strength, blood pressure, and sugar metabolism, often associated with the body's "fight or flight" response.