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Certain very talented people have a comparative advantage in everything they do is it true?
Wiki User
∙ 13y ago
Yes.
Wiki User
∙ 13y ago
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Define comparative advantage?
When a company or an individual makes a product or carry out a certain economic activity better than its competitors is called comparative advantage. A comparative advantage gives the company an advantage to make higher profits.
Difference between Competitive Advantage and Comparative Advantage?
Comparative advantage (of a country or firm, for example) is *given* by the access to certain resources that others don't have. Usually this is related to natural resources. I say "access" because it doesn't matter if you are or are not the owner. On the other hand, competitive advantages are *created* by combining different resources, primarily knowledge. In management this is equivalent to "rise barriers" for competitors, in the sense that a true competitive advantage is that one that is difficult to be copied by the competitors (although not impossible.) Due to the nature of the comparative advantages, it is usually said that they provide you a "static" advantage, something that others can surpass by using their competitive advantages, which are said to be "dynamic." Feel free to make corrections to my answer.
How do absolute advantage and comparative advantage have in common?
Firstly absolute advantage is where a firm or producer can produce the good using less/fewer resources than another competitor, therefore the producer has the absolute advantage and is more economically efficent. Whereas Comparative advantage is where a firm can produce a good at a lower opportunity cost than another producer. So these to economic situations are very similar and are both about which producer is most economically efficent to produce certain goods, though they have one main thing in common. Knowing who has the absolute or the comparative advantage means the producers can use specialisation to esure the least resources are produced and the best firms who can produce the good the best are producing them.
What is one country of comparative advantage in the production of a certain good?
It has a lower opportunity cost for production of that good.
Why do states specialize on a certain good or service?
As first stated by Ricardo, specialization occurs because, through trade, this leads to the most benefits for all trading entities. They choose to produce whatever it is in which they have comparative advantage, that is the lowest opportunity cost. For example, given a set of resources (land, labor, capital, entrepreneurs, time), each country will be able to produce several products, but in one of them they are more efficient and have lower costs, so they naturally specialize because they are better at producing this good. The production possibilities frontier is extended past its normal barrier with trade because both countries benefit from producing what they are good at and importing those things in which they do not have a comparative advantage.
Define comparative advantage?
When a company or an individual makes a product or carry out a certain economic activity better than its competitors is called comparative advantage. A comparative advantage gives the company an advantage to make higher profits.
Why do transportation needs?
I should say that the most important reason is division of labor. We just cant do everything to achieve a certain goal alone. Those who has a comparative advantage in such line will do better and be more effective than us, and help us to cut the cost.
What is the comparative form of certain?
more certain
Why do you need transportation?
I should say that the most important reason is division of labor. We just cant do everything to achieve a certain goal alone. Those who has a comparative advantage in such line will do better and be more effective than us, and help us to cut the cost.
Difference between Competitive Advantage and Comparative Advantage?
Comparative advantage (of a country or firm, for example) is *given* by the access to certain resources that others don't have. Usually this is related to natural resources. I say "access" because it doesn't matter if you are or are not the owner. On the other hand, competitive advantages are *created* by combining different resources, primarily knowledge. In management this is equivalent to "rise barriers" for competitors, in the sense that a true competitive advantage is that one that is difficult to be copied by the competitors (although not impossible.) Due to the nature of the comparative advantages, it is usually said that they provide you a "static" advantage, something that others can surpass by using their competitive advantages, which are said to be "dynamic." Feel free to make corrections to my answer.
How do absolute advantage and comparative advantage have in common?
Firstly absolute advantage is where a firm or producer can produce the good using less/fewer resources than another competitor, therefore the producer has the absolute advantage and is more economically efficent. Whereas Comparative advantage is where a firm can produce a good at a lower opportunity cost than another producer. So these to economic situations are very similar and are both about which producer is most economically efficent to produce certain goods, though they have one main thing in common. Knowing who has the absolute or the comparative advantage means the producers can use specialisation to esure the least resources are produced and the best firms who can produce the good the best are producing them.
What is one country of comparative advantage in the production of a certain good?
It has a lower opportunity cost for production of that good.
Why is the comparative study of population essential?
The comparative study of population is essential because this studies try to clarify whether certain behaviour patterns are characteristic for a certain group or a certain culture or whether they r vaild for humanity . It often help in the education of those who wish to work in other countries or other culture
How do you not do a certain subject?
ask questions about everything
Can you search the www for everything a certain computer has sent?
No
What is toxic to canaries?
Almost everything except certain vegetables.
Where can you get depression from?
You can get depressed from just about anything and everything. There is no certain thing.
