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In order for a country to specialize its production what must there be?
There must be an international division of labor for a country to specialize its production.
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 does it mean for a country to specialize in the production of goods and services?
this means that it is their main source of income and that they have a lot of it
What does it mean to specialize in the production of certain products?
Not so sure
Country X would have a comparative advantage in the 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.
In order for a country to specialize its production what must there be?
There must be an international division of labor for a country to specialize its production.
In order for a free country to specialize its production what must there be?
There must be an international division of labor for a country to specialize its production.
Is it better for a country to specialize in the production of a limited number of goods or to diversify its production?
Yes
When might a country specialize in producing a particular good?
When a country has an absolute advantage in production of that good it may specialize in producing that good.
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.
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 does it mean for a country to specialize in the production of goods and services?
this means that it is their main source of income and that they have a lot of it
What is the specialize fields of the poultry industry?
The poultry industry is divided into breeding, egg production, and meat production. One can specialize in chicken, poultry, or exotic wildlife.
What does it mean to specialize in the production of certain products?
Not so sure
Country X would have a comparative advantage in the 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.
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.
When does country comparative Advantage over country be in the production of television?
A country has a comparative advantage in the production of televisions when it can produce them at a lower opportunity cost compared to another country. This often results from factors such as access to cheaper labor, advanced technology, or efficient supply chains. Therefore, even if one country is more efficient in producing both televisions and other goods, it should specialize in the product where its relative advantage is greatest. This specialization allows for increased overall production and trade benefits.
