Comparative Advantage Is Based on Opportunity Costs

question 153

True/False

Comparative advantage is based on opportunity costs.

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Definitions:

Efficiency

The ability to accomplish a task or objective with the minimal expenditure of time and resources.

Competing Values Framework

A model that categorizes organizational cultures into four distinct types based on two dimensions: focus (internal vs. external) and structure (flexibility vs. stability).

Market Culture

A type of organizational culture that is characterized by a strong emphasis on competitiveness, results, and achieving measurable goals.

Competitiveness

The ability of a company, country, or product to compete effectively and successfully in the market.