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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■╖
What is the term for the ability to produce a good using fewer inputs than any other producer?
The term for the ability to produce a good using fewer inputs than any other producer is called "productive efficiency."
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 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■╖
What is the term for the ability to produce a good using fewer inputs than any other producer?
The term for the ability to produce a good using fewer inputs than any other producer is called "productive efficiency."
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 another name for producer?
An Autotroph
Is the ability to produce another living thing of its kind?
reproduction
Law of decreasing opportunity cost?
Opportunity cost does not decrease, it increases, according to the law of increasing opportunity costs. This law states that the more of a product you produce the less efficient production of it will be and the more opportunity cost they will incur.
What is the verb of producer?
Produce is the verb form of producer.
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.
Is grass a producer?
Yes, grass is a producer because it can photosynthesize, converting sunlight into energy to produce its own food. This ability to produce its own energy sets grass apart from consumers, which rely on consuming other organisms for energy.
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 the ability to produce a good or service at a lower opportunity cost than other producers incur is known as?
Comparative Advantage.
