Examlex
The design of a product must "be __________" given the process capability of the supplier. Within that range, top management sets the quality level-the degree to which the product functionally satisfies customers.
Law of Comparative Advantage
A principle that states that countries or individuals gain by producing goods for which they have a lower opportunity cost relative to other producers, leading to more efficient global resource allocation.
Economic Goods
Products or services that have a price and are consumed by individuals or groups to satisfy needs or wants.
Opportunity Cost Producer
The cost incurred by a producer when choosing one production opportunity over another, measured in terms of the benefit forgone from the alternative not chosen.
Comparative Advantage
The ability of a country, individual, company, or region to produce a good or service at a lower opportunity cost than competitors.
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