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Question & Answer
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It enhances efficiency and reduces production costs, allowing the company to offer lower prices.
It solely increases the product variety without affecting costs.
It only improves customer service without impacting production.
It complicates the supply chain, leading to increased operational costs.
Understanding the Answer
Let's break down why this is correct
New tech speeds up tasks, cuts waste, and saves money. Other options are incorrect because People think technology only adds new product types; The idea that technology only helps customers ignores that faster manufacturing reduces time and money spent on goods, which boosts competitiveness.
Key Concepts
Production Advantage
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Deep Dive: Production Advantage
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Definition
Production Advantage refers to a country's ability to produce goods more efficiently than another country. Absolute Advantage is when one country can produce more of both goods, while Comparative Advantage is when a country has a lower opportunity cost in producing a particular good. Understanding production advantages helps countries specialize in goods where they are most efficient, leading to overall economic growth.
Topic Definition
Production Advantage refers to a country's ability to produce goods more efficiently than another country. Absolute Advantage is when one country can produce more of both goods, while Comparative Advantage is when a country has a lower opportunity cost in producing a particular good. Understanding production advantages helps countries specialize in goods where they are most efficient, leading to overall economic growth.
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