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2 years ago

What is absolute advantage

2 answers:

5 0

Absolute Advantage in business terms is the fact that a certain company has everything in their favor, from great advertising team, a large and ready consumer group, the right kind of products to push out, as well as high quality and fairly low price. Compared to their competitors, they may also give better customer service, and are willing to talk about any product problems, and find solutions that satisfy both sides, which would all draw more consumers to them then their competitors, creating essentially a monopoly.

Colt1911 [192]2 years ago

3 0

In economics, the principle of absolute advantage refers to the ability of a party to produce a greater quantity of a good, product, or service than competitors, using the same amount of resources.

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Answer:

The correct answer is letter "A": includes production of foreigners working in the U.S. but excludes production by U.S. residents working in foreign countries.

Explanation:

The Gross Domestic Product or GDP represents the overall market value of all the goods and services a country produces. The GDP measures the size of the economy and it is determined by the following formula:

GDP = C+ G + I + NX

Where:

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G = Government spending

I = Businesses' capital spending

NX = Net exports (exports-imports)

Labor is part of the GDP as well. It could be included in government spending or capital spending. <em>A nation's labor productivity is the sum of all the labor force production within the country regardless of the nationality of the workers</em>. <em>Citizen's productivity working abroad will be included in the GDP of the country where they work</em>.

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2 years ago

Weber’s concept of ____________ refers to the process where economic principles, such as efficiency and maximization of profit,

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Answer:

The correct answer is rationalization.

Explanation:

The concept of rationalization was given by Max Weber. According to him, rationalization is a process through which modern society is getting more and more concerned towards efficiency and predictability.

Efficiency can be defined as getting maximum results from minimum efforts, or in other words, maximum revenue from incurring minimum costs so as to maximize profits.

In Weber's views, this economic principle is now being increasingly involved in the day to day life.

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3 years ago

Suppose that Dmitri, an economist from an AM talk radio program, and Frances, an economist from a school of industrial relations

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Answer:

1. The disagreement between these economists is most likely due to

a. differences in values

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a. Lawyers make up an excessive percentage of elected officials.

Explanation:

Economists chosen at random do not usually agree on economic events and realities, instead, they are more likely to agree on issues that are not economic. They offer differing opinions based on similar principles. Most of their disagreements stem from differences in what they place their values on. Some value market-oriented approaches while others value government interventions in market situations, with other variants in-between.

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3 years ago