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Two countries can achieve gains from trade even if one of the countries has an absolute advantage in the production of all goods?
true，if only one has comparative advantages.
Difference between Competitive Advantage and Comparative Advantage?
Comparative advantage (of a country or firm, for example) is *given* by the access to certain resources that others don't have. Usually this is related to natural resources. I say "access" because it doesn't matter if you are or are not the owner. On the other hand, competitive advantages are *created* by combining different resources, primarily knowledge. In management this is equivalent to "rise barriers" for competitors, in the sense that a true competitive advantage is that one that is difficult to be copied by the competitors (although not impossible.) Due to the nature of the comparative advantages, it is usually said that they provide you a "static" advantage, something that others can surpass by using their competitive advantages, which are said to be "dynamic." Feel free to make corrections to my answer.
How can a less developed country like Mexico have a comparative advantage relative to the US?
If they can produce something with less opportunity cost than the US. For example (purely academic and theoretical), to produce 1 million dices, Mexico has to give up 500 cars However, in the US, to produce 1 million dices, it has to give up 800 cars (due to different factors of production). Thus, Mexico has a comparative advantages over the US. Nevertheless, it is unlikely that less developed countries can gain comparative advantages over high income countries (except for example: China's sweatshops)
Why is comparative advantage important in international trade and economic development?
Comparative advantage is important in international trade and economic development because it allows countries to specialize in producing goods and services that they are most efficient at, leading to increased productivity and economic growth. By trading with other countries based on their comparative advantages, nations can benefit from a wider variety of goods and services at lower costs, ultimately promoting global economic cooperation and development.
What is the comparative and superlative degree of wealthy?
Comparative is wealthier and the superlative is wealthiest
Ano ang law of comparative advantages?
YEAH. For the Win
Who developed the law of comparative advantages?
David Ricardo first promoted the theory in his 1817 book On the Principles of Political Economy and Taxation.
Comparative advantages of schottky barrier and p-n junction?
aku tengah nak belajar..nanti aku answer
What are the advantages and demerits of the comparative approach to the study of political science?
Advantages of the comparative approach in political science include the ability to identify patterns and trends across different political systems, facilitating a deeper understanding of political phenomena. It also allows for the testing of hypotheses and theories in a broader context. Demerits of the comparative approach include the challenge of ensuring comparability across different cases, potential biases in selecting cases for comparison, and the complexity of controlling for confounding variables in diverse political settings. Additionally, there can be limitations in generalizing findings from comparative studies to a larger population.
What is the comparative of get?
There is no comparative of get.
Two countries can achieve gains from trade even if one of the countries has an absolute advantage in the production of all goods?
true，if only one has comparative advantages.
What are the comparative advantages between an upright and a canister vacuum?
An upright vacuum usually cleans carpets better, but a canister vacuum is better with liquids or heavy debris.
What is the comparative of first?
The comparative of "first" is "earlier" or "prior".
Comparative advantages of investing in open - end funds?
You can withdraw your investment any time you want. You need not wait until the fund's maturity date to redeem your investment.
What is the source of the gains from trade?
The gains from trade come from each party specializing in producing the goods or services in which they have a comparative advantage and then trading with others who have different comparative advantages. This allows for more efficient production, lower costs, increased output, and ultimately benefits all trading parties.
Is worse Comparative or superlative?
comparative
Is taller a comparative or a superlative?
comparative
