Examples of advantageous in the following topics:
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- Absolute advantage refers to differences in productivity of nations, while comparative advantage refers to differences in opportunity costs.
- Absolute advantage compares the productivity of different producers or economies.
- Even if one country has an absolute advantage in producing all goods, different countries could still have different comparative advantages.
- Absolute advantage is important, but comparative advantage is what determines what a country will specialize in.
- Country A has an absolute advantage in making both food and clothing, but a comparative advantage only in food.
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- A country has an absolute advantage in the production of a good when it can produce it more efficiently than other countries.
- Absolute advantage refers to the ability of a country to produce a good more efficiently that other countries.
- Absolute advantage differs from comparative advantage, which refers to the ability of a country to produce specific goods at a lower opportunity cost.
- A country with an absolute advantage can sell the good for less than a country that does not have the absolute advantage.
- Party B has an absolute advantage in producing widgets.
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- Competitive advantage is defined as the strategic advantage one business entity has over its rival entities within its competitive industry.
- Competitive advantage is defined as the strategic advantage one business entity has over its rival entities within its competitive industry.
- Competitive advantage seeks to address some of the criticisms of comparative advantage.
- Michael Porter proposed the theory of competitive advantage in 1985.
- The 640GB drive has a competitive advantage over the 500GB drive in terms of both cost and value.
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- However, the accompanying table shows that Chiplandia has a comparative advantage in computer chip production, while Entertainia has a comparative advantage in the production of CD players.
- It is important to distinguish between comparative advantage and competitive advantage.
- Unlike comparative advantage, competitive advantage refers to a distinguishing attribute of a company or a product.
- For example, having good brand recognition or relationships with suppliers is a competitive advantage, but not a comparative advantage.
- Chiplandia has a comparative advantage in producing computer chips, while Entertainia has a comparative advantage in producing CD players.
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- Absolute advantage and balance of trade are two important aspects of international trade that affect countries and organizations.
- Absolute advantage and balance of trade are two important aspects of international trade that affect countries and organizations .
- Adam Smith first described the principle of absolute advantage in the context of international trade, using labor as the only input.
- Since absolute advantage is determined by a simple comparison of labor productivities, it is possible for a party to have no absolute advantage in anything; in that case, according to the theory of absolute advantage, no trade will occur with the other party.
- The European Free Trade Agreement has helped countries international trade without worrying about absolute advantage and increases net exports.
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- One of the main goals of marketing planning and strategy is to produce multiple sources of competitive advantage in the marketplace.
- For most businesses, one of the primary goals of implementing a marketing strategy is producing multiple sources of competitive advantage.
- Thus, it is both possible and advantageous to have multiple sources of advantage to increase sales and maintain brand dominance in the marketplace .
- Products that use cutting-edge robotics and information technologies can act as a source of competitive advantage for a company.
- As a result, businesses can gain a competitive advantage by building a compelling and visually appealing website or social media business page.
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- The traders decide on whether they should export or import goods depending on comparative advantages.
- Rather than absolute advantage, comparative advantage is the driving force of specialization.
- In sum, the producer that has a smaller opportunity cost will have the comparative advantage.
- It follows that Bob will have a comparative advantage in the production of mustard.
- Tom has the comparative advantage in producing ketchup, while Bob has the comparative advantage in producing mustard.
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- To transform a short-run competitive advantage into a sustained competitive advantage requires that these resources are heterogeneous in nature and not perfectly mobile.
- In many ways, business strategy aims to achieve competitive advantage through the proper use of organizational resources.
- Inimitable – If a valuable resource is controlled by only one firm, it can be a source of competitive advantage.
- This advantage can be sustained if competitors are not able to duplicate this strategic asset perfectly.
- Describe the intrinsic competitive advantage defined by the resource-based view strategy
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- The main advantage of leasing lies in a business' ability to attain assets without outlaying essential cash.