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In Your Opinion,do U

question 12

Essay

In your opinion,do U.S.product liability laws need to be changed? If so,how? If not,why not? Investigate proposed changes in product liability laws over the last several years and evaluate them.


Definitions:

Absolute Advantage

The ability of a country, individual, or firm to produce a good more efficiently than another entity, using fewer resources.

Fewer Resources

A situation or condition where there is a reduced availability of inputs or factors of production such as land, labor, and capital.

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors.

Opportunity Cost

The expense incurred by not choosing the second-best option when making a decision or selection.

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