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Why would Mexico have a comparative advantage over US in products that are produced using mostly labor rather than machines?
Wiki User
∙ 7y ago
Wiki User
∙ 7y agoMexico has cheaper labor costs.
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What is the ability to produce a product the most efficiently given all the other products that could be Produced?
Comparative Advantage
Is absolute advantage or comparative advantage more important?
Comparative advantage. Because a lower opportunity cost(comparative advantage) means a producer use the resource more efficint to produce what people want the most whereas absolute advantage only consider the number of goods or services being produced. Though a producer have a absolute advantage, but he or she may use the resource inefficiently, which will cause a disadvantge in the confront with scarcity. If we assign jobs according to comparative advantage, all individuals may benefit if the assignments are well specialized or the products are well exchanged. The resoure is limited, so only specialize each individual accroding to comparative advantage could lead to more total production.
The theory of comparative advantage exists because?
no nation can produce all the products its people want and need.
What is the meaning of economies of product differences?
The meaning of economies of product differences... The greater the difference in products produced by two economies the greater the economic efficiency to be obtained from trade between the two as per the theory of comparative advantage.
What products are produced by the miscellaneous office machines industry?
Such devices include typewriting, mailroom, and dictation machines. In addition, a multitude of companies in the industry produce specialty products.
What does Canada produce in comparative advantage?
Lumber for one... wheat. There are many. Simply think of what products or services Canada has a low-cost for. In other words, if the product has a low opportunity cost to another product, then chances are that country will export or "produce" in comparative advantage.
Which country has Comparative advantage of a products?
Study Island answer - France. I'd say take out your notes, but I don't have em' either so :D
What companies use roll forming machines in production of products?
Roll forming machines are mainly produced in China. These machines are used to create roof panels or gutters for home construction. You will find these machines in the manufacturing industry.
Difference between absolute advantage and comparative advantage?
There are many similarities and differences between Comparative Advantage and Absolute Advantage. Some simple differences between the two would be, comparative advantage uses the driving force of specialization. Another thing of comparative are, if one country has an absolute advantage or disadvantage in any kind of output, any of the other countries will maybe profit from majoring in and distributing those products. Absolute advantage has a country that economically has a benefit over another, in a precise moral, when it produces that moral at a lower cost. Also a country using the same contribution of properties a country with an absolute advantage will have superior productivity. A few modest similarities between comparative and absolute advantage are, both of these terms are two basic concepts to international trade. Additional details would be the two terms both produce a product more efficiently which gives them an absolute advantage.
Which of these is not one of the basic economic questions where should products be produced for whom should products be produced how should products be produced what products should be produced?
Where should products be produced
What kind of Micro Machines products have been produced?
Micro machines are miniature toy cars, trucks and vans that were originally manufactured by Galoob toys and today are manufactured my Hasbro toy company.
A production process characterized by a short production run and frequent adjustments to machines so that different products can be produced is known as a?
Intermittent process
