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Lumber for one... wheat. There are many. Simply think of what products or services Canada has a low-cost for. In other words, if the product has a low opportunity cost to another product, then chances are that country will export or "produce" in comparative advantage.
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What is the ability of an entity to produce a good at an opportunity cost that is lower than that of another producer?
Comparative advantage :)
Will a nation tend to export or import goods which it has a comparative advantage?
A nation will export goods for which it has a comparative advantage. By exporting goods, it has the comparative advantage because it means they have a lower opportunity cost for producing the good. A country can produce it well and can produce most likely a lot of it.
What is the ability to produce a good or service at a lower opportunity cost than other producers incur is known as?
Comparative Advantage.
Examples of absolute and comparative advantage?
Absolute advantage: Vietnam can produce 1000 million tons of rice while South Korea can produce 800 million tons of rice => Vietnam has absolute advantage (since it can produce more than Korea) Comparative advantage: Same example: Vietnam and Korea. To produce 1 more tonnes of rice, Vietnam has to give up producing 3 cars. However, to produce 1 more tonnes of rice, South Korea only have to give up producing 1 cars. => There is a lower opportuniy cost for Korea to produce rice. i.e. South Korea has the comparative advantage.
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 ability of an entity to produce a good at an opportunity cost that is lower than that of another producer?
Comparative advantage :)
What Comparative advantage?
A country has comparative advantage if it can produce a good for less cost than any other nation. (study island)A comparative advantage is the condition that exists when someone can produce a good or service at a lower opportunity cost than someone else.
Will a nation tend to export or import goods which it has a comparative advantage?
A nation will export goods for which it has a comparative advantage. By exporting goods, it has the comparative advantage because it means they have a lower opportunity cost for producing the good. A country can produce it well and can produce most likely a lot of it.
What is the ability to produce a good or service at a lower opportunity cost than other producers incur is known as?
Comparative Advantage.
What is the Difference between competitive and comparative advantage?
Competitive advantage: ability to produce a unit for strictly less cost than someone else. Comparative advantage: ability produce a unit for less opportunity cost than someone else.
Examples of absolute and comparative advantage?
Absolute advantage: Vietnam can produce 1000 million tons of rice while South Korea can produce 800 million tons of rice => Vietnam has absolute advantage (since it can produce more than Korea) Comparative advantage: Same example: Vietnam and Korea. To produce 1 more tonnes of rice, Vietnam has to give up producing 3 cars. However, to produce 1 more tonnes of rice, South Korea only have to give up producing 1 cars. => There is a lower opportuniy cost for Korea to produce rice. i.e. South Korea has the comparative advantage.
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 a coutry's ability to produce a good at a lower opportunity cost than another country can?
Comparative advantage :)
The theory of comparative advantage exists because?
no nation can produce all the products its people want and need.
When one country can produce a product more cheaply than another country can this is called?
comparative advantage
When one country can produce a product more cheaply than another country can this is called a?
comparative advantage
How do absolute advantage and comparative advantage have in common?
Firstly absolute advantage is where a firm or producer can produce the good using less/fewer resources than another competitor, therefore the producer has the absolute advantage and is more economically efficent. Whereas Comparative advantage is where a firm can produce a good at a lower opportunity cost than another producer. So these to economic situations are very similar and are both about which producer is most economically efficent to produce certain goods, though they have one main thing in common. Knowing who has the absolute or the comparative advantage means the producers can use specialisation to esure the least resources are produced and the best firms who can produce the good the best are producing them.
