COMPETITIVE ADVANTAGE exists when the firm is able to deliver the same benefits as competitors but at a lower cost (cost advantage), or deliver benefits that exceed those of competing products (differentiation advantage). Thus, a competitive advantage enables the firm to create superior value for its customers and superior profits for itself. See also SUSTAINABLE COMPETITIVE ADVANTAGE.
FIFO (first-in, first-out) is an inventory cost flow whereby the first goods purchased are assumed to be the first goods sold so that the ending inventory consists of the most recently purchased goods.
STATUTE is an act passed by a legislative body, e.g. U.S. Congress.
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