BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Geography
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Culture
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Economy
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Infrastructure
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Detailed explanation-1: -Comparative advantage is an economy’s ability to produce a particular good or service at a lower opportunity cost than its trading partners. Comparative advantage is used to explain why companies, countries, or individuals can benefit from trade.
Detailed explanation-2: -Absolute advantage describes a situation in which an individual, business or country can produce more of a good or service than any other producer with the same quantity of resources.
Detailed explanation-3: -A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity.
Detailed explanation-4: -Franchising gives you more guidance but less control Product/trade name franchising: The franchisor owns the right to the name or trademark of a business, and sells the right to use that name and trademark to a franchisee. This style of franchising normally focuses on supply chain management.