Answer:
Georgeland has an absolute but not a comparative advantage in producing clothing.
Explanation:
Absolute advantage is defined as the ability of a firm to produce higher amounts of a product as a result of use of the same resources with other competitors. It is usually bad a result of more efficient production process.
Comparative advantage is the ability of a firm to produce goods at a lower opportunity cost. Therefore they are able to sell at lower price compared to competitors.
Georgeland can produce 18 units of clothe per year while Alland can produce 16 units per year, so Georgeland has absolute advantage.
In producing clothes Georgeland has opportunity cost of 36 units of food which is higher than that of Alland which is 32 units of food. So Georgeland does not have comparative advantage in producing clothes.
The correct answer would be, Compromise.
After a lengthy discussion, it was decided that the budget would be hired for the next year. In this situation, Compromise strategy of conflict management is used.
Explanation:
In simple words, Conflict Management is the management of Conflict between two parties, or between two issues. In this process, the negative aspects of the issue are lowered while positive aspects are being highlighted.
Compromise is that strategy of Conflict Management in which a settlement is made below the desired standards in order to resolve the conflict.
So when temporary faculty is hired in the school instead of the need of permanent faculty, due to the shortage of budget, Compromise Strategy of Conflict Management is being used.
Learn more about Conflict Management at:
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<span>Tina's mother and father pay her car insurance as long as she makes good grades. This is an example of which economic concept? Positive incentive. A positive incentive is a value that is given during the performance of a regular behavior. As long as Tina does what she is supposed to her parent's will continue to pay her car insurance. There is a reward for her doing what she </span>should be doing on her own which is motivating her to continue to do it.
Answer:
The corrects answers for this would be A and C.
Explanation:
As you can see, for both a and c, those are the only two answers that have a negative outcome, hence the negative externality.
False.
The business owner should not only rely on his best judgement to determine projected costs and revenues. He should consider the trends in the market and his company performance on the previous months in order to make a sales forecast.
