Final answer:
Weaknesses are generally detrimental and can be exploited by competitors, but with strategic management, they can be addressed or turned into strengths. Comparative advantage does not solely arise from natural elements but from various factors that increase productivity. Evolutionary principles show how entities leverage advantages to out-compete others.
Step-by-step explanation:
The statement that 'Weaknesses are not detrimental and may give favorable advantages to competitors' can be considered false in a general business sense.
While weaknesses can potentially provide opportunities to competitors, they do not inherently grant favorable advantages. Competitors might exploit weaknesses, but businesses can also address and overcome these weaknesses or turn them into strengths. Therefore, weaknesses are generally considered detrimental unless strategically managed.
Comparative Advantage in Economics
Regarding comparative advantage, it is false to say that the source must be natural elements like climate and mineral deposits. The comparative advantage arises from various factors that lead to differences in productivity between two economies.
Important sources of comparative advantage can include the education of workers, the knowledge base of a country's engineers and scientists, a specialized value chain, economies of scale, and other elements beyond just natural resources.
In understanding evolution, one can see that it works by exploiting advantages and favoring wins, allowing the less fit to be out-competed. This principle can loosely apply to business and economics, where companies and nations leverage their unique advantages to achieve comparative dominance in certain areas.