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.
When a country' import exceed it's export is called Deficit then when a county's export exceed it import is called surplus.
comparative advantage
a comparative advantage
The most important principle of mercantilism was to export more than you import when running a nation.
I another country does not produce the products that my country produces, I can send my products to that country in exchange for products that they produce that I do not have. .... Simples 2.It ensures a nation earn foreign exchange therefore improving the living standards of that country
When a country' import exceed it's export is called Deficit then when a county's export exceed it import is called surplus.
comparative advantage
a comparative advantage
A country has comparative advantage if it can produce a good for less cost than any other nation. (study island)A comparative advantage is the condition that exists when someone can produce a good or service at a lower opportunity cost than someone else.
From the chart, statistics show that the nation's import rate far exceeded its export rate.
The most important principle of mercantilism was to export more than you import when running a nation.
I another country does not produce the products that my country produces, I can send my products to that country in exchange for products that they produce that I do not have. .... Simples 2.It ensures a nation earn foreign exchange therefore improving the living standards of that country
no nation can produce all the products its people want and need.
A nation is better off when it produces goods and services for which it has a comparative advantage.
comparative of united
Yes, and not only that, but such trade can be profitable for both countries due to comparative advantage.
An import quota sets a physical limit on the amount of goods that may be imported during a given period. An export quota does the same for a nation's exports.