Question

What are the two steps a producer can take to gain an absolute advantage?

Answer 1

The two steps of a producer can take to gain an absolute advantage are:

1. Produce more goods for winning absolute advantage which will stay the same.

2. The person who can focus on more manufacturers of the goods of interest, by utilizing very few resources readily available at their end.

Answer 2

Two steps a producer can take to gain absolute advantage:

Optimization of resources and Outsourcing can bring absolute advantage to the producer.

Cost cutting and proper management of inventory is necessary in order to get proper advantage and managing profit maximization ration

Two steps one can take in order to achieve absolute advantage,

1. Optimization of resources:

Be it renewable or non-renewable, resources must be used in optimum manner. Efficiency and effectiveness can be gained.

2. Outsourcing the some tasks

It is not possible for business to perform all tasks online. Hence, some of the tasks such as auditing, branding etc. should be outsourced.