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What is the ability of an entity to produce a good at an opportunity cost that is lower than that of another producer?
Wiki User
∙ 8y ago
Comparative advantage :)
Jody Fay
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What is a coutry's ability to produce a good at a lower opportunity cost than another country can?
Comparative advantage :)
Comparative advantage is the ability of a country to?
Produce a good at a lower opportunity cost than another country.╓■Taxen■╖
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 the verb of producer?
Produce is the verb form of producer.
What is the ability to produce a good or service at a lower opportunity cost than other producers incur is known as?
Comparative Advantage.
What is a coutry's ability to produce a good at a lower opportunity cost than another country can?
Comparative advantage :)
Comparative advantage is the ability of a country to?
Produce a good at a lower opportunity cost than another country.╓■Taxen■╖
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.
Is the ability to produce another living thing of its kind?
reproduction
What is another name for producer?
An Autotroph
What is the Difference between competitive and comparative advantage?
Competitive advantage: ability to produce a unit for strictly less cost than someone else. Comparative advantage: ability produce a unit for less opportunity cost than someone else.
What is the verb of producer?
Produce is the verb form of producer.
What is the ability to produce a good or service at a lower opportunity cost than other producers incur is known as?
Comparative Advantage.
How do the farmers that work on a farmers market get their food?
They often produce it themselves or they could be selling it on behalf of another producer.
What is decreasing opportunity cost?
the amount of one good that has to be sacrificed to produce one more unit of another good.
Is a silverfish a consumer or produce?
Silverfish are a consumer and they eat carbohydrates such as sugar and starch.
Is a shop a producer?
If they produce (make or manufacture, grow etc.) the product they sell, then yes they would be, but if they simply buy their produce off of another company and sell it on, then they wouldn't be.
