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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.

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5mo ago

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What must exist before a country can specialize its production?

Before a country can specialize its production, it must first have a diverse range of resources, available technologies, and a stable economy. Specialization is most effective when a country can produce goods or services more efficiently than others, leading to a comparative advantage in the global market. Additionally, a country should have the ability to trade with other nations to fully benefit from specialization.


What is the difference between theory of absolute advantage and a theory of comparative advantage?

Those theories both refer to international trade, however absolute advantage was mentioned earlier. According to it, a trade between 2 countries is possible only if one has absolute advantage (produces a good with less costs or with less time) and other has absolute disadvantage in producing that good but at the same time it must have an absolute advantage in producing the secong good. If a country produces a good better (cheaper/faster), it would specialize on it and export. Theory assumes that only 2 counties and 2 goods exist, no other costs except for labour are taken into account.


Which of these was not a communist country in 1975?

South Korea was not a communist country in 1975.


What is the chemical equation for production?

An equation for production doesn't exist.


What the government do in a socialist country?

Set prices for goods and services.


Which country was not a communist country in 1975?

South Korea was not a communist country in 1975.


What is the closest communist country to the US?

Communism is a classless stateless society based on production for use, with no rulers or money. It can only exist on a global level, so there can be no such thing as a Communist country.


What country is between Croatia and Yugoslavia?

Yugoslavia does not exist. Croatia was part of that country.


Does halo reach exist?

It's still in production.


What economic system does a socialist country have?

Socialism (a classless stateless society based on production for use) will have to exist at a global level, so there cannot be a Socialist country. And there will be no ones or wages or prices, hence no economic system.


What is the comparative to the word brightly?

The comparative form of the word "brightly" is "more brightly." When forming comparatives of adverbs with two or more syllables, or with adverbs ending in "-ly," the word "more" is used before the adverb. In this case, "brightly" has two syllables, so the comparative form is "more brightly."


Do canaidians come from canaidia?

Canaidia is not a country. Canaidians do not exist. Canada, however, is a country. Canadians do exist.