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Why was great brittan the first to nation to industrilize?
Great Britain was the first to nation to industrialize because it took advantage of population growth (educated workforce) and technological advances.
Specialization in a nation leads to?
comparative advantage
The growth of the nation's economy during the 1920s was called .?
The growth of the nation's economy during the 1920s was called urbanization.
Under what conditions does a nation have an absolute advantage in the production of a product?
When a nation can use fewer resources to produce the same amount of a product, it has an absolute advantage in the production of that product.
What distinct advantage did industrialized European nations have over the non-industrialized nation?
There were many advantages of being a industrialized nation compared to being a nonindustrialized nation. Industrial European nations had greater unearthed quantities of raw material, greater trading ability and the growth of the people brought more inventions and the need to expand which is a good thing.
What if one nation becomes more efficient than another nation at producing a specific product?
a comparative advantage
What advantages did the Civil War have?
the Civil War had an advantage of a free nation
What advantage of national unity?
national unity brings progress in a nation
Is the act of taking advantage of a weaker nation or person.?
Common sents
What distinct advantage did industrialized European nation have over the non industrial nation of Asia and Africa?
a well-defined infrastructure
Will a nation tend to export or import goods which it has a comparative advantage?
A nation will export goods for which it has a comparative advantage. By exporting goods, it has the comparative advantage because it means they have a lower opportunity cost for producing the good. A country can produce it well and can produce most likely a lot of it.
What are the advantages and disadvantages of substantive growth strategy?
A major advantage of substantive growth strategy is that if you achieve growth, you essentially set yourself up for exponential growth in the future. A disadvantage is that aggressive competitors are more likely to crowd you and phase you out.
