An individual should specialize in the production of a good for which he/she has a rev: 05_10_2018 Multiple Choice conditional advantage. determined advantage. comparative advantage. general advantage.

comparative advantage

Explanation:

Comparative advantage can be regarded as an ability of an economy to produce a particular good/service at a lower opportunity cost when compare with its trading partners. A comparative advantage allows the firm to have the ability to sell goods and services to their customers at a lower price than her competitors in that market and with this lower price, and stronger sales margins can be realized.

It should be noted that An individual should specialize in the production of a good for which he/she has a comparative advantage

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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