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E-Biz Dreams (Scenario)
Robert Lee has just completed a Bachelor of Computer Science degree at Carleton University. He now wants to begin a new Internet business selling his services as a website developer for companies in Ottawa. He estimates that within one year, if his business idea is a success, he will be employing five programmers and two analysts.
-To provide the new programmers and analysts with general guidelines about production goals and desired efficiencies,he will have to develop ________ plans.
Adam Smith
An 18th-century Scottish economist and philosopher best known for his work "The Wealth of Nations," which laid the foundation for classical economics and the concept of the invisible hand guiding free markets.
Absolute Advantage
The ability of an individual, company, or country to produce a good or service at a lower cost per unit than competitors.
Comparative Advantage
Comparative Advantage is the ability of an individual, company, or country to produce a good or service at a lower opportunity cost than its competitors.
Productive Advantage
A situation where a person or entity can produce goods or services at a lower opportunity cost than others.
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