Answer:
• opportunity cost is the best alternative forgone when an item or activity is chosen, otherwise thought of as opportunity lost.
The opportunity cost of producing a unit of wheat in the United Kingdom is one third to the production of cloth. In the case of taking one hour to produce one unit of wheat or six hours to produce one unit of cloth, the opportunity the production of three units of wheat to one unit of cloth. The opportunity cost of producing a unit of wheat in the United States is one fifth the production of cloth. By the same standards, producing one unit of wheat occurs faster than producing one unit of cloth and yields five units of wheat to one unit of cloth.
• Absolute advantage is the ability to make something using fewer resources than other producers use.
In this case, the United States has the absolute advantage producing wheat because they can produce one unit in one hour and therefore can produce twice as much as the United Kingdom. Although not by much, the United States also has the absolute advantage in producing cloth because they can produce one unit of cloth in 5 hours while it takes the United Kingdom an additional hour to produce the same outcome.
• Comparative advantage is the ability to make something at a lower opportunity cost than other producers face.
The United States has the comparative advantage in producing wheat as the opportunity cost is one fifth of a unit of cloth which is less than the one third of cloth the United Kingdom can produce. The United Kingdom has the comparative advantage in production of cloth with three units of wheat to the United States cost of five units of wheat giving United Kingdom a lower opportunity cost.
• The law of comparative advantage states that the individual with the lower opportunity cost of producing a particular output should specialize in that output. Therefore, the United States should specialize in producting wheat because they can produce twice as much wheat in the same amount of time, while the United Kingdom should specialize in cloth because although they are not quite as fast as the United States, they will still produce nearly the same amount as the United States while they are producing wheat and something is better than nothing.
Answer:
Outsourcing
Explanation:
In Business management, outsourcing can be defined as a process which involves an agreement between two companies that allows for the provision of services or job functions by another.
Hence, when a company is outsourced, it engages the service of another company (third-party) to perform some of its duties rather than the use of an in-house department or employees to handle them.
In this scenario, Penske Corp. (joint venture with GE) contracts the physical distribution of activities with third parties. Thus, this is also known as outsourcing.
The outsourcing firm is saddled with the responsibility of physically distributing the goods or services of the outsourced company.
The self actualisation process implies that you will be an active learner.
<h3>What is Self Actualization?</h3>
Self actualization refers to the complete fullfillment of ones potential that is achivement to its fullest. For example: a soldier at the gunpoint ready to sacrifice his life for the nation . That phase is for a soldier is of self actualization.
Thus, the self actualization process says that you will be an active learner and therefore will assume the respnsibility of education. the person will apply the eduction and learning took in school level to this practical life.
Learn more about responsiblity here:
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Answer:
prevent them from interfering with state courts
Explanation:
- The constitution limits the jurisidiction of the federal court so as to prevent its interferance to state courts.
- Section two of article three of the constitution, defines the jurisidiction of the federal court in terms of its scope and the cases it can handle. This prevents a possible collision between the state and federal laws.
- The constitution,has been amended over time by the congress to limit the jurisdiction of the federal court.
