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How did the capability to produce more good in less time help lower costs?
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What is Comparative advantages?
A country has comparative advantage if it can produce a good for less cost than any other nation. (study island)A comparative advantage is the condition that exists when someone can produce a good or service at a lower opportunity cost than someone else.
What are the effects of a good economy to business?
Generally, higher sales, lower input costs, and higher profits.
What is an economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume?
Externality is the economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to consume/produce.
What is a coutry's ability to produce a good at a lower opportunity cost than another country can?
Comparative advantage :)
Define opportunity cost and explain its relationship to comparative advantage?
Opportunity costs is the highest valued alternative that must be given up to engage in an activity. Comparative advantage is the ability of an individual, a firm, or an country to produce a good or service at a lower opportunity cost than competitors.
What is Comparative advantages?
A country has comparative advantage if it can produce a good for less cost than any other nation. (study island)A comparative advantage is the condition that exists when someone can produce a good or service at a lower opportunity cost than someone else.
What is the total amount invested in the production of a good?
Restate the question with a specific good in mind. Obviously, it costs much less to produce a pencil than it does to produce an Escalade.
Use mass production in a sentence?
Mass production is a good way to lower costs of manufacturing process.
What are the effects of a good economy to business?
Generally, higher sales, lower input costs, and higher profits.
What is an economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume?
Externality is the economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to consume/produce.
What is a coutry's ability to produce a good at a lower opportunity cost than another country can?
Comparative advantage :)
Why does the United States import good and services?
Often because they are cheaper to import then to produce locally because of high labor costs.
Define opportunity cost and explain its relationship to comparative advantage?
Opportunity costs is the highest valued alternative that must be given up to engage in an activity. Comparative advantage is the ability of an individual, a firm, or an country to produce a good or service at a lower opportunity cost than competitors.
Comparative advantage is the ability of a country to?
Produce a good at a lower opportunity cost than another country.╓■Taxen■╖
What is a advantageous?
A situation in which a country, individual, company or region can produce a good at a lower opportunity cost than that of a competitor
What is the difference between an economic cost and accounting cost?
Economic costs look refers to a combination of accounting costs(Explicit costs),Implicit costs and opportunity costs. Accounting costs only considers financial and costs incurred or agreed to be payed in order to produce a good or a service.
What is COG in suppply chain?
COG stands for cost of goods. Cost of goods are the direct costs attributable to the production of the goods sold by a company. This amount includes the cost of the materials used in creating the good along with the direct labor costs used to produce the good.
