List and Briefly Describe the Three Levels of Inputs Described

question 8

Essay

List and briefly describe the three levels of inputs described in the fair-value measurement hierarchy.

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Definitions:

Specialize

To concentrate on a specific area of expertise, activity, or field of study to gain a higher efficiency or proficiency.

Maximize

The process of increasing a certain outcome or variable to its highest possible level, given a set of constraints.

Total Production

The total output of goods or services produced by an individual firm or an entire industry over a specific period.

Comparative Advantage

The ability of an individual or group to carry out a particular economic activity (such as production of a good or service) more efficiently than another activity.