A country with an absolute advantage over another country achieves this if their production costs are lower.
Absolute advantage means a company or individual out perform another more efficiently. In this case, if two companies are making a product and one selling them for the same price, but one company can make the product for cheaper, they have an absolute advantage.
Answer:
Short term loan
Explanation:
Lemonade stand can be regarded as a small business, Hence, the loan that suit the business is " Short term loan".
Short term loan can be regarded as loan that can be obtained to give support to ones personal as well as business capital. It is designed for the needs of small business capital with less interest compare to long term loan. The period of payment is usually within a year. It is of low risk and good profit.
Answer:
Imports create greater competition in the domestic marketplace.
Explanation:
Comparative advantage is defined as the ability of a company to produce goods at a lower opportunity cost than other competitors. They can now sell the goods at lower prices.
If the company in this scenario have competitive advantage in producing electronics then it is xheap for them to produce.
When they export electronics and import again, it can only mean that the imported electronics have a competitive edge that the company wants to take advantage of. For example higher quality than what is available locally.
According to Maslow's hierachy of needs, the most important hierarchy for Raj is esteem, which symbolizes the individual's desire to be valued by himself and others in society and the workplace.
Maslow developed the pyramid of the hierarchy of human needs, with the aim of explaining how individuals are moved to take actions to meet their needs according to a pre-established order.
The pyramid of needs is divided into five parts, and comprises the most basic needs, which are biological, to the most complex, which are psychological needs. Are the:
- Physiological needs.
- Safety needs.
- Love and belonging.
- Esteem.
- Self-actualization.
Therefore, Raj finds himself in the esteem stage, where he is looking for respect, status and recognition. When his esteem needs are met, he will move into the self-actualization hierarchy, where he will demonstrate greater creativity, talent, and personal development.
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The two different ways in which we usually express information about the demand for a good service or resource are the demand schedule is equal to the demand curve.
Explanation:
Demand refers to a consumer's appetite and willingness to buy products and services and to pay the price for a particular good or service. Keeping all the other variables steady will decrease the amount required by increasing the price of a good or service and vice versa.
Usage means the potential of consumers to buy goods and services at certain prices.
It can be either market demand for a particular commodity or aggregate demand for all products in such an economy.
Demand decides, in conjunction with supply, the actual cost and the quantity of goods which increase in value on the market.
