Examlex
Adapting to new conditions like new innovations by competitors, fast-changing technological developments, and constantly evaluating what is working result in
Comparative Advantage
The ability of an individual, firm, or country to produce a certain good or service at a lower opportunity cost than competitors.
International Specialization
The economic strategy where countries focus on the production and export of goods and services for which they have a comparative advantage.
Trading Possibilities Line
A line that shows the different combinations of two products that an economy is able to obtain (consume) when it specializes in the production of one product and trades (exports) it to obtain the other product.
Cost Ratios
These ratios compare different types of costs to each other or to sales in order to evaluate a company's financial efficiency and profitability.
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