Final answer:
Competitive Advantage refers to the unique characteristics or resources that allow a company or individual to outperform its competitors.
Step-by-step explanation:
Competitive Advantage refers to the unique characteristics or resources that allow a company or individual to outperform its competitors. It can be achieved through various factors such as superior quality, lower costs, customer loyalty, technological innovation, or effective marketing strategies. For example, a company may have a competitive advantage if it offers a product with better features and benefits compared to its competitors, attracting more customers and generating higher sales.