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Produce a good at a lower opportunity cost than Another Country.
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What is a coutry's ability to produce a good at a lower opportunity cost than another country can?
Comparative advantage :)
What is the ability of an entity to produce a good at an opportunity cost that is lower than that of another producer?
Comparative advantage :)
What is the ability to produce a good or service at a lower opportunity cost than other producers incur is known as?
Comparative Advantage.
How does the relationship between production costs and comparative advantage impact a country's ability to compete in the global market?
The relationship between production costs and comparative advantage affects a country's competitiveness in the global market. When a country can produce goods or services at lower costs compared to other countries, it has a comparative advantage. This allows the country to compete more effectively in the global market by offering lower prices or higher quality products. Conversely, if production costs are high, it can make it difficult for a country to compete internationally. Therefore, managing production costs and leveraging comparative advantage are crucial for a country's success in the global market.
Does a country have a comparative advantage in the production of some good?
Yes, a country has a comparative advantage in the production of a good when it can produce that good at a lower opportunity cost compared to other countries.
What is a coutry's ability to produce a good at a lower opportunity cost than another country can?
Comparative advantage :)
What is the ability of an entity to produce a good at an opportunity cost that is lower than that of another producer?
Comparative advantage :)
What is the ability to produce a good or service at a lower opportunity cost than other producers incur is known as?
Comparative Advantage.
How does the relationship between production costs and comparative advantage impact a country's ability to compete in the global market?
The relationship between production costs and comparative advantage affects a country's competitiveness in the global market. When a country can produce goods or services at lower costs compared to other countries, it has a comparative advantage. This allows the country to compete more effectively in the global market by offering lower prices or higher quality products. Conversely, if production costs are high, it can make it difficult for a country to compete internationally. Therefore, managing production costs and leveraging comparative advantage are crucial for a country's success in the global market.
What is the Difference between competitive and comparative advantage?
Competitive advantage: ability to produce a unit for strictly less cost than someone else. Comparative advantage: ability produce a unit for less opportunity cost than someone else.
Does a country have a comparative advantage in the production of some good?
Yes, a country has a comparative advantage in the production of a good when it can produce that good at a lower opportunity cost compared to other countries.
In which country does a comparative advantage in the production of a good exist if it can?
A comparative advantage in the production of a good exists in a country when it can produce that good at a lower opportunity cost compared to other countries.
What is an example that illustrates the difference between comparative advantage and absolute advantage in international trade?
An example that illustrates the difference between comparative advantage and absolute advantage in international trade is the scenario where Country A can produce both cars and computers more efficiently than Country B. However, Country A has a comparative advantage in producing cars, while Country B has a comparative advantage in producing computers. This means that even though Country A has an absolute advantage in both products, it is more beneficial for both countries to specialize in the product they can produce most efficiently and trade with each other.
Define opportunity cost and explain its relationship to comparative advantage?
Opportunity costs is the highest valued alternative that must be given up to engage in an activity. Comparative advantage is the ability of an individual, a firm, or an country to produce a good or service at a lower opportunity cost than competitors.
If a country has comparative advantage in the production of all goods should it trade?
Yes, since each country can individually specialize in its comparative advantage, the total income for both countries will increase. This is even true if one country has an absolute advantage in the production of all goods.
What is a country called that produces all the goods it needs?
comparative advantage :)
What illustrates the law of comparative advantage?
a country that makes the good it produuces
