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When does country x have an absolute advantage over country y the production of corn?
Country x has an absolute advantage when it can produce corn at a lower cost than country y.
What is comparative advantage and absolute advantage?
absolute advantage is when a country,company, indivdual or region can produce a good better and at a cheaper cost than any other competitor.
What is an example of a nation having an absolute advantage in the production of a product?
For example, Brazil has an absolute advantage over the United States in the production of coffee; the nations of the Middle East have an absolute advantage over the United States in the production of crude oil.
Difference between absolute cost advantage theory and comparative cost advantage theory?
absolute cost advantage talks about the efficiency and cheaply a country incure in the production of goods and services against other country whiles comparative advantage talks about the opotunity cost of goods
In which situation does one country have an absolute advantage over another country?
When its production costs are lower.
When does country x have an absolute advantage over country y the production of corn?
Country x has an absolute advantage when it can produce corn at a lower cost than country y.
What is comparative advantage and absolute advantage?
absolute advantage is when a country,company, indivdual or region can produce a good better and at a cheaper cost than any other competitor.
What is the absolute exact location of japan?
what is absolute advantage of country's product vs other countries
What is an example of a nation having an absolute advantage in the production of a product?
For example, Brazil has an absolute advantage over the United States in the production of coffee; the nations of the Middle East have an absolute advantage over the United States in the production of crude oil.
Difference between absolute cost advantage theory and comparative cost advantage theory?
absolute cost advantage talks about the efficiency and cheaply a country incure in the production of goods and services against other country whiles comparative advantage talks about the opotunity cost of goods
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.
In which situation does one country have an absolute advantage over another country?
When its production costs are lower.
What refers to a country's ability to produce more of a given product than another country can?
absolute advantage
Difference between comparative cost advantage and absolute cost advantage?
Absolute advantage and comparative advantage are two basic concepts to international trade. Under absolute advantage, one country can produce more output per unit of productive input than another. With comparative advantage, if one country has an absolute (dis)advantage in every type of output, the other might benefit from specializing in and exporting those products, if any exist.A country has an absolute advantage economically over another, in a particular good, when it can produce that good at a lower cost. Using the same input of resources a country with an absolute advantage will have greater output. Assuming this one good is the only item in the market, beneficial trade is impossible. An absolute advantage is one where trade is not mutually beneficial, as opposed to a comparative advantage where trade is mutually beneficial.A country has a comparative advantage in the production of a good if it can produce that good at a lower opportunity cost relative to another country. The theory of comparative advantage explains why it can be beneficial for two parties (countries, regions, individuals and so on) to trade if one has a lower relative cost of producing some good. What matters is not the absolute cost of production but the opportunity cost, which measures how much production of one good, is reduced to produce one more unit of the other good.
What are the assumptions of absolute advantage theory?
That a country has the best advantage of making all products, all things constant. It shows what a country would have if it didn't trade.
What example of absolute advantage that one country has in international trade today and tell why wouldn't this advantage is not sustainable today?
need answer
What absolute advantage occurs when a country can maintain?
a monopoly by levying high taxes on imports
