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Explain the Theory of Competitive Advantage

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Explain the theory of competitive advantage.


Definitions:

Information-processing Approach

A model in psychology that describes cognition as the processing of information through a system that works similarly to a computer.

Computer

An electronic device capable of processing, storing, and displaying information for various tasks.

Sensory Impressions

Information gathered by the senses (sight, smell, touch, taste, and hearing) that shapes our understanding of the environment.

Bioecological Perspective

A theory in developmental psychology that emphasizes the importance of the interactions between individuals and their environments, including biological, social, and cultural factors.

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