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How does comparative advantage affect trade with others nations?
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∙ 11y ago
Andrew rules
Wiki User
∙ 11y ago
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What gives a country a comparative advantage?
When it gives up less than others to engage in a particular type of production
Competitive advantage of nations and its implications of implications on international business?
When businesses have a competitive advantage, then others will look to them to perform the work in international business. This will help improve the economies of developing nations.
Differences between absulate advantage and comparetive advantage?
According to the definition I found, comparative advantage means being able to produce a product at a lower cost than others and absolute advantage means being the best at something or producing the best product.
Difference between Competitive Advantage and Comparative Advantage?
Comparative advantage (of a country or firm, for example) is *given* by the access to certain resources that others don't have. Usually this is related to natural resources. I say "access" because it doesn't matter if you are or are not the owner. On the other hand, competitive advantages are *created* by combining different resources, primarily knowledge. In management this is equivalent to "rise barriers" for competitors, in the sense that a true competitive advantage is that one that is difficult to be copied by the competitors (although not impossible.) Due to the nature of the comparative advantages, it is usually said that they provide you a "static" advantage, something that others can surpass by using their competitive advantages, which are said to be "dynamic." Feel free to make corrections to my answer.
Why do economists oppose policies that restrict trade among nations?
Economists oppose because besides gaining from trade there are some disadvantages that a nation face.... Free trade implies open access to the economy of any nation and thus the economy of a nation can be influenced by the activities of other nations... trade helps nation in specialization of producing that goods in which it has comparative advantage i.e which it can produce with lower opportunity cost... If a nation specialize in only one commodity production neglecting others then it would have to be dependable to other nations for other commodities..thus it may expand the economy of others but not its own... often international trade becomes beneficial when one can get goods at lower price than its price in own country,but it causes the internal industries as well as economy to break down.... so to expand own economy as well as development a nation should restrict its trades protecting own industries....
What gives a country a comparative advantage?
When it gives up less than others to engage in a particular type of production
Competitive advantage of nations and its implications of implications on international business?
When businesses have a competitive advantage, then others will look to them to perform the work in international business. This will help improve the economies of developing nations.
Can comparative advantage be applies to humans?
Yes, comparative advantage applies to humans. It is the principle that individuals or countries should specialize in producing goods or services they can produce at a lower opportunity cost than others. By doing so, resources are allocated efficiently and overall productivity increases.
Differences between absulate advantage and comparetive advantage?
According to the definition I found, comparative advantage means being able to produce a product at a lower cost than others and absolute advantage means being the best at something or producing the best product.
Difference between Competitive Advantage and Comparative Advantage?
Comparative advantage (of a country or firm, for example) is *given* by the access to certain resources that others don't have. Usually this is related to natural resources. I say "access" because it doesn't matter if you are or are not the owner. On the other hand, competitive advantages are *created* by combining different resources, primarily knowledge. In management this is equivalent to "rise barriers" for competitors, in the sense that a true competitive advantage is that one that is difficult to be copied by the competitors (although not impossible.) Due to the nature of the comparative advantages, it is usually said that they provide you a "static" advantage, something that others can surpass by using their competitive advantages, which are said to be "dynamic." Feel free to make corrections to my answer.
What must exist before a country can specialize its production?
Before a country can specialize its production, it must first have a diverse range of resources, available technologies, and a stable economy. Specialization is most effective when a country can produce goods or services more efficiently than others, leading to a comparative advantage in the global market. Additionally, a country should have the ability to trade with other nations to fully benefit from specialization.
Some people sleep more heavily than others?
comparative
How do events in one nation affect other nations?
Events or terrorist attacks that happen in one country may affect others. If the country has an enemy, the country may choose to attack the vulnerable country at their time of weakness.
The had a membership of more than 50 nations What is the answer?
Several organizations have a membership of more than 50 nations: the United Nations, the Universal Postal Union, Interpol, and many others more.Several organizations have a membership of more than 50 nations: the United Nations, the Universal Postal Union, Interpol, and many others more.Several organizations have a membership of more than 50 nations: the United Nations, the Universal Postal Union, Interpol, and many others more.Several organizations have a membership of more than 50 nations: the United Nations, the Universal Postal Union, Interpol, and many others more.
Does it matter if I store the CPU upright or on its side?
No, it should not affect it. Some computers have the CPU placed upright, while others fasten it on its side. Neither one has an advantage over the other.
How did Amerigo Vespucci's actions affect others?
Amerigo Vespucci's actions affect others by:
How is it possible for both Brazil and the US to be unambiguously better off after trade?
In the simplest explanation: by comparative advantage. By specialising at what we're relatively best off and trading, we waste less resources, time, and skill on things others can produce for us and focus our efforts on what we are best at.
