Defending Competitive Advantage in Formula $1$

Identify $3$ factors determine the relative value of a resource to firms, and therefore competitive advantage. Identify these $3$ factors and provide a specific, real$-$world example of each in the auto racing industry. How Resources Determine Competitive Advantage

$$ Resource Picking: forecasting of a scarce resource$$s value

$$ Complementarities between the existing resources of the

firm and the resource being acquired $($e$.$g$.,$ Retail Location &

Products$)$

$$ Network effects that accrue when more people use it