Question

Suppose the United States is efficient at producing software and engineering services, but cannot produce clothes and electronics as efficiently as other nations. Because of this, the United States sells software and engineering services to other countries and buys clothes and electronics from other countries. This exemplifies the concept of ______.

Answer 1

Answer:Competitive Advantage

Explanation:What Is Competitive Advantage?

Competitive advantages are conditions which gives a particular company or country an advantage to produce goods of the same value as that produced by other countries but this advantage means that country is able to produce those goods at a lower price or in a more favoured fashion. These conditions give the country an advantage to make more profit when compared to its competitors. Factors associated with this advantage are branding, the quality of the product,the network used for distribution, intellectual property and cost structure.