What are the two steps a producer can take to gain an absolute advantage? 1.Produce more goods. 2.Use high-quality resources. 3.Produce more expensive goods. 4.Use fewer resources. 5.Produce high-quality goods. 6.Use local resources.

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The correct answers are 1) produce more goods and 4) use fewer resources.

Explanation:

In the economic theory, the definition of absolute advantage is the ability to produce as much of a product as possible while using few resources. On the other hand, comparative advantage is something that can help a producer sell a good at a low price, which is attractive for customers, while retaining good sale margins.

A good example of a producer that gained an absolute advantage would be a country rich in petrol such as Saudi Arabia. Due to the abundance of the said resource in the region, the Saudi oil and petrol industry does not have to spend time and money on more sophisticated technologies, import, and transportation. Since Saudi Arabia is a provider, it can make influence the entire market or at least, play a significant role.

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The Principle of Absolute and Comparative Advantage in Economic

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Academic.Tips. (2022) 'What are the two steps a producer can take to gain an absolute advantage? 1.Produce more goods. 2.Use high-quality resources. 3.Produce more expensive goods. 4.Use fewer resources. 5.Produce high-quality goods. 6.Use local resources'. 29 March.

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Academic.Tips. (2022, March 29). What are the two steps a producer can take to gain an absolute advantage? 1.Produce more goods. 2.Use high-quality resources. 3.Produce more expensive goods. 4.Use fewer resources. 5.Produce high-quality goods. 6.Use local resources. https://academic.tips/question/steps-a-produce-can-take-to-gain-an-absolute-advantage/

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Academic.Tips. 2022. "What are the two steps a producer can take to gain an absolute advantage? 1.Produce more goods. 2.Use high-quality resources. 3.Produce more expensive goods. 4.Use fewer resources. 5.Produce high-quality goods. 6.Use local resources." March 29, 2022. https://academic.tips/question/steps-a-produce-can-take-to-gain-an-absolute-advantage/.

1. Academic.Tips. "What are the two steps a producer can take to gain an absolute advantage? 1.Produce more goods. 2.Use high-quality resources. 3.Produce more expensive goods. 4.Use fewer resources. 5.Produce high-quality goods. 6.Use local resources." March 29, 2022. https://academic.tips/question/steps-a-produce-can-take-to-gain-an-absolute-advantage/.

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Academic.Tips. "What are the two steps a producer can take to gain an absolute advantage? 1.Produce more goods. 2.Use high-quality resources. 3.Produce more expensive goods. 4.Use fewer resources. 5.Produce high-quality goods. 6.Use local resources." March 29, 2022. https://academic.tips/question/steps-a-produce-can-take-to-gain-an-absolute-advantage/.

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"What are the two steps a producer can take to gain an absolute advantage? 1.Produce more goods. 2.Use high-quality resources. 3.Produce more expensive goods. 4.Use fewer resources. 5.Produce high-quality goods. 6.Use local resources." Academic.Tips, 29 Mar. 2022, academic.tips/question/steps-a-produce-can-take-to-gain-an-absolute-advantage/.

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