0
What else can I help you with?
What is David Ricardo's comparative cost theory of international trade?
The theory states that even if a country can produce both commodities more than the other there is still the need to specialze in the production of a particular commodity of which she has the lowest cost advantage and exchange it for the other, for trade between countries to be mutually benefitial."all things being equal".ASSUMPTIONS:1- there are only two countries in the world.2- there are only two commodities.3- trade between two nations are not restricted.by; ICE
Why a nation with an absolute advantage would trade with another country?
A nation with an absolute advantage can produce certain goods more efficiently than another country, but it may still choose to trade to benefit from comparative advantages. By specializing in the production of goods where it has an absolute advantage and trading for others, it can achieve a greater overall efficiency and a higher standard of living. Additionally, trade allows for access to a wider variety of goods and services, fostering economic growth and innovation. Ultimately, engaging in trade can lead to mutual benefits for both trading partners.
What is the name when the value between a nation imports and what it exports over time?
Balance of trade
What is the absolute advantage of trade in Philippine economy?
An absolute advantage is when trading only occurs between one or two parties. This is common in the Philippine economy since most industries are monopolistic.
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.
What is the difference in value between what a nation imports and what it exports over time?
The the difference in value between what a nation imports and exports over time is called the trade balance. If a nation exports more than it imports, it has a trade surplus. If a nation imports more than it exports, it has a trade deficit. This trade balance can impact a nation's currency value and overall economic health.
What is David Ricardo's comparative cost theory of international trade?
The theory states that even if a country can produce both commodities more than the other there is still the need to specialze in the production of a particular commodity of which she has the lowest cost advantage and exchange it for the other, for trade between countries to be mutually benefitial."all things being equal".ASSUMPTIONS:1- there are only two countries in the world.2- there are only two commodities.3- trade between two nations are not restricted.by; ICE
What are the advantages and disadvantages of specialization on trade between countries in Southern and Eastern Asia?
the advantage is that when you specialize you can trade with other countries and get the product they specialize in the disadvantage is when you want to trade with someone to gain there product you end up losing more or another disadvantage is you might accedently trade with someone that has the same product as you
What is the name when the value between a nation imports and what it exports over time?
Balance of trade
In 1899 the Open Door policy increased trade between the US and which nation?
china
What relationship exists between two countries engaged in trade?
Usually, trade between two countries does not involve ownership interest in the other nation's business firm.
Beginning in 1899 the Open Door policy increased trade between the US and which nation?
china
This Nation dominated slave trade?
The British were the dominant nation of the slave trade.
What is the absolute advantage of trade in Philippine economy?
An absolute advantage is when trading only occurs between one or two parties. This is common in the Philippine economy since most industries are monopolistic.
How is trade deficit and trade surplus similar?
They're actually the same thing: Nation A sells a higher value of goods to Nation B than Nation B sells to Nation A. Whether you're looking at a trade deficit or trade surplus depends on if you're Nation A or Nation B.
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.
What is the difference in value between what a nation imports and what it exports?
The difference in value between what a nation imports and what it exports is called the trade balance. If a country exports more than it imports, it has a trade surplus. If it imports more than it exports, it has a trade deficit. A balanced trade is when a country's imports and exports are equal.
