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Country X would enjoy an absolute advantage in the production of clothing under what circumstance?
Kingstonz
Its production costs for clothing were the lowest in the world.
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∙ 15y ago
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Country x would have a comparative advantage in production of cotton under what circumstance?
Country X didn't have to give up a more profitable form of production in order to grow cotton.
What is the primary gain from international trade?
In theoretical economics, for gains from trade we distinguish between (a) A small country trading with RoW (Rest of the World), where the former is a price taker and cannot influence world prices, the maximum it can do is exchange at world prices. For a closed small economy by opening up to trade and partially specialise in its comparative advantage (cost advantage) helps to exchange more of the non-comparative advantage commodity from the world, thus taking the country to a higher utility schedule. Ex: For a production of clothing and food, say small country has a comparative advantage in food production, while the Row in clothing, thus small country can choose to produce food which it can more efficiently and then exchange it for clothing from RoW. Thus for a small country consumer more of both is available, raising utility. (b) A large country trading with RoW, here the large country is a monopolist concerned with supply, and also affects world demand with its large demand for imports, hence a monopolist would choose not to operate at (a) P=MC and (b) remain on the inelastic part of the demand curve and hence resorting to an optimal tariff bound trade that takes it to the maximum utility. This is easy to understand and involves a derivation, but this is the essential introduction.
What does absolute poverty mean?
The state of condition of having little or no money, goods or mean of support.
What is poverty?
Poverty is the state of not having enough material possessions or income for a person's basic needs. Poverty may include social, economic, and political elements. Absolute poverty is the complete lack of the means necessary to meet basic personal needs, such as food, clothing, and shelter.
Difference between absolute and relative poverty?
relative poverty depends on what era or social group you come from like if a grandama thinks it okay to give a baby alcohol to make him sleeo nowadays we would think that is wrong, absolute morality is when something is stricktly right or wrong so you should NEVER kill is absoulute morality.
Country x would have a comparative advantage in production of cotton under what circumstance?
Country X didn't have to give up a more profitable form of production in order to grow cotton.
What is the level of production in a clothing store?
bigg peniss
What was the production that was affected by the industrial revolution?
Mostly textiles (cloth/clothing).
What does imagery in shirt primarily focus on?
Scenes related to the production of clothing
What does the imagery in shirt primarily focus on?
scences related to the production of clothing
What advantage did cottage industry offer to the merchants?
weapons, clothing, matiral, ect.;
The invention of the sewing machine resulted in?
Lower-priced clothing and a change in the clothing production industry. Many tailors were put out of business.
What does adapted mean?
It means to alter something so that it fits in with or works with a changing circumstance. As an example, people can adapt to a cold climate by making warmer clothing.
Elias Howe patented a an in 1846 that made clothing production quicker?
sewing machine
First mass production product in industrial revolution?
firearm parts cloth for clothing
Elias Howe patented an in 1846 that made clothing production quicker?
sewing machine
What are common contexts for Helpers-Production workers?
The common contexts for Helpers Production Workers is to wear common protective clothing such as the gloves, shoes and glasses.
