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What determines the production of a good that a country should specialize in and trade out?
The production of a good that a country should specialize in and trade out is primarily determined by its comparative advantage, which is based on the relative efficiency with which it can produce certain goods compared to other countries. Factors influencing this include resource endowments, technological capabilities, labor skills, and market access. Additionally, demand for specific goods in both domestic and international markets can shape specialization decisions. Ultimately, countries aim to maximize their economic efficiency and benefit from trade by focusing on goods where they hold a competitive edge.
What else can I help you with?
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.
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.
What does a production possibilities curve how?
production possibilities curve is a graphical representation of alternative combinations of amounts of two goods/services that economy can produce by transferring resources from one good/service to the other.
What determines which goods a country should produce or export?
1.historical links / relations with acertain target countries
What economic term refers to the situation where one country can manufacture and port automobiles at a lower cost than its competitors?
The economic term that describes this situation is "comparative advantage." A country has a comparative advantage in producing a good, such as automobiles, when it can produce that good at a lower opportunity cost than its competitors. This concept suggests that countries should specialize in the production of goods where they have a comparative advantage, leading to more efficient global trade.
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 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 does the company LORA specialize in?
LORA is a company that determines if an item should be replaced, discarded, or repaired. This is determined if the item is cheaper to be repaired or replaced.
How does production possibilities illustrates how efficient an economy is?
It shows how much Labor(hrs) a country uses to produce a certain combination of goods. That is one judge of efficiency. A ppf shows what good a country can produce more efficiently (less Labor) and it can be compared to Another Country to see which country should specialize in which good.
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.
What does a production possibilities curve how?
production possibilities curve is a graphical representation of alternative combinations of amounts of two goods/services that economy can produce by transferring resources from one good/service to the other.
People who study the weather are known as?
for future food production we need to predict weather which will determines what types of crops should we plough
What determines which goods a country should produce or export?
1.historical links / relations with acertain target countries
Which 50 inch plasma TV should I buy?
Look for companies that specialize in plasma TV production for the best quality. Panasonic, Hitachi, and Pioneer are all companies in Japan that specialize in this area. The best deals can usually be found early December, and throughout the year on many electronics websites such as Newegg.com.
When should front struts be replaced?
If you treat your car well at 180K miles or never depending on country of production and year.
What age should one start planning their 401k retirement plan?
A person retirement age determines when and how a person can access a persons retirement money. Retirement age rules vary from plan to plan and from country to country.
Why do firms want to know their average total cost?
Average total cost determines how much profit or loss a firm will make at a certain output and price. It also determines is a firm should shut down, temporarily stopping production (not covering variable costs) but keeping the business (covering fixed costs), or if it should exit the market (not covering variable or fixed costs).
