Opportunity Costs‚ Absolute Advantage and Comparative Advantage Abstract This work defines and illustrates examples of opportunity cost. It also defines and compares comparative and absolute advantage. Then‚ the work extends the narrative to compare these terms in today’s society. Opportunity Costs‚ Absolute Advantage and Comparative Advantage Example 1: | Potatoes | Chickens | Michelle | 200 | 50 | James | 80 | 40 | * What is Michelle’s opportunity cost of producing potatoes
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196 Advantage Energy Technology Data Center Migration* Brian Smith‚ network administrator at Advanced Energy Technology (AET)‚has been given the responsibility of implementing the migration of a large data center to a new office location. Careful planning is needed because AET operates in the highly competitive petroleum industry. AET is one of five national software companies that provide an accounting and business management package for oil jobbers and gasoline distributors. A few years ago
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Advantages of Total Quality Management (TQM) Improves Reputation - TQM programs have the advantage of improving corporate as well as product reputations in the marketplace‚ because errors and defective products are discovered much more rapidly than under a non-TQM system‚ and often before they are ever sent to market or found in the hands of the public. Higher Employee Morale - Compared to employees who are motivated‚ disengaged workers are less efficient‚ miss more workdays and cost organizations
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Nowadays people worry about effect of new technologies on our society‚ they suppose that the influence of the latest developments is harmful for their lives. However‚ there are many people who see the advantages of technology. First of all‚ the products of new technologies like electronic devices are very useful in daily life. People can save a lot of time by using computers‚ mobile phones etc. This is especially beneficial in the workplace where employees can handle their work faster than
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Advantages and disadvantages of living in the countryside Privacy If you like privacy‚ living in the country works well -- particularly if your home is situated in a remote area and you don’t have neighbors for miles. This also provides solitude. Less Pollution The countryside is generally quiet and peaceful -- certainly not as contaminated with toxic pollutants as the city. There isn’t as much traffic or smog or pollution from industry. Ecologically speaking‚ the advantages to living in the
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Advantage of extranet Customer can access their own ID to check their own information Reduce/low cost – extranets do not require large expenditure to train users on the technologies Timeliness and accuracy - ‚ reducing the number of misunderstandings within the organization as well as with business partners and customers. advantages provided by just-in-time (JIT) systems Manufacturing time is cut down‚ Better productivity‚ Lower Work in progress‚ Better supplier relationships‚ Cost
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COMPETITIVE ADVANTAGE Companies all seek a competitive advantage‚ as that will give them the opportunity to sustain profits that exceeds the average in their industry. The three major competitive advantages are differentiation‚ cost and response. Companies can therefore either gain a competitive advantage by offering a unique product differentiation‚ by offering similar products at a lower cost or by offering products at a time and place where the customer are in need of the product. Differentiation:
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Strategic Stakeholder Management A stakeholder is any individual‚ group‚ or organization that has an interest or concern or may be impacted as a result of an organization’s activities‚ objectives‚ policies‚ or products. Strong relationships between an organization and its stakeholders are critical to a company’s success. To effectively manage stakeholder relationships‚ an organization must understand the nature and composition of its stakeholder community and how stakeholder power and interest levels
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Growing Economies‚ Rising Problems Global groups struggle with fast rise of poor nations‚ putting conflict on the horizon Uri Dadush‚ William Shaw YaleGlobal‚ 23 June 2011 WASHINGTON: The rise of developing countries is transforming the global economy. Whereas for the bulk of the world’s population economic stagnation has been the rule over millennia‚ today’s economic growth is unprecedented. More countries – and people – are achieving rapid income growth than ever before‚ and developing countries
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ASEAN concerning local manufacturing in all ASEAN countries. It encourages a higher market competition which allows the countries to develop. AFTA helps ASEAN countries’ products gain access to a regional market that incorporates many substantial advantages Moreover‚ consumers will benefit from cheaper prices of goods given lower tariffs on a host of raw materials used by the region’s producers. Furthermore‚ the ASEAN Comprehensive Investment Area (ACIA) will encourage the free flow of investment
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