It is important so business managers can make more successful decisions and facilitate problem solving and decision making.
Answer:
Comparative advantage.
Explanation:
Comparative advantage in economics is the ability of an individual or country to produce a specific good or service at a lower opportunity cost better than another individual or country.
The comparative advantage gives a country a stronger sales margin than their competitors as they are able to sell their specific products or render their peculiar services at a lower opportunity cost.
In 1817, David Ricardo who is an english political economist talked about the law of comparative advantage in his book “On the Principles of Political Economy and Taxation." Also, the principle of comparative advantage states that, nations (countries) can become better off than their contemporaries through the process of specializing in what they know how to produce or do best.
This simply means that, any country applying the principle of comparative advantage, would enjoy an increase in output and consequently, a boost in their Gross Domestic Products (GDP).
In general, individuals and nations should specialize in producing those goods for which they have a comparative advantage.
The amount of money that you still owe to the Credit card Company is called Credit card balance.
Credit card balance refers to the amount of money one has spent on their card and they haven’t paid back to the Credit card Company.
<h2>Further Explanation
</h2>
- A credit card is a card in which any payment made by the card holder using the card, then it means they have borrowed money from the Card Company to pay at a later date.
- In other words, unlike debit cards, credit cards allows customers to borrow money from the Credit Company or the card issuer for the purposes of making purchases up to a certain limit.
<h3>Credit card balance
</h3>
- Credit card balance is the money that has been spent by the card holder and have not been paid back to the card issuer. For instance, if an individual spends $ 550 to make purchases of items, and they have not paid back, then the credit card balance will be $550.
<h3>Terms Associated with Credit Cards
</h3><h3>Credit card limit </h3>
- Credit card limit refers to the maximum amount of money that the card holder is allowed to borrow on the card. The can holder, cannot make purchases exceeding the Credit card limit.
- If the Card limit is exceeded then the Card issuer charges an over-limit fee depending on the agreement between the card holder and the card issuer.
<h3>Credit card fee
</h3>
- Credit card fee is the annual fee that the card issuer or the card Company charges the card holder for the privilege of using the credit card. This fee may be also called participation fee or the membership fee.
<h3>Credit card interest </h3>
- Credit card interest may be referred to as the Annual percentage rate, which is the annual rate of interest that includes the fees and the costs incurred to get a loan.
Keywords: Credit card, Credit Card Company, Credit card limit, credit card holder.
<h2>Learn also about:
</h2>
- Debit card and its advantage: brainly.com/question/1006222
- Difference between Credit card and debit card: brainly.com/question/10163886
Level: High school
Subject: Business
Topic: Trade
Sub-topic: Modes of payment
According to the spin questioning system, "do you use telemarketing or mobile marketing?" is an example of a(n) __situation___ question.
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