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What type of product American company's export in which they enjoy a comparative advantage?
American companies often enjoy a comparative advantage in the export of high-value goods such as technology products, aerospace equipment, and pharmaceuticals. The U.S. is home to leading tech firms that produce software, semiconductors, and advanced electronics, which are in high demand globally. Additionally, the aerospace sector, led by companies like Boeing, exports commercial aircraft and defense systems. These industries benefit from significant research and development, innovation, and skilled labor.
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Define comparative advantage?
When a company or an individual makes a product or carry out a certain economic activity better than its competitors is called comparative advantage. A comparative advantage gives the company an advantage to make higher profits.
How is a comparative advantage obtained?
by producing a product with a lower opportunity cost
What does Canada produce in comparative advantage?
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.
What are the key elements of Comparative Advantage?
Comparative Advantage is the idea that one person/business/or area can offer a product at a better price than another. The key elements would be the social and economic impact of this theory.
When one country can produce a product more cheaply than another country can this is called?
comparative advantage
Define comparative advantage?
When a company or an individual makes a product or carry out a certain economic activity better than its competitors is called comparative advantage. A comparative advantage gives the company an advantage to make higher profits.
How is a comparative advantage obtained?
by producing a product with a lower opportunity cost
What does Canada produce in comparative advantage?
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.
What are the key elements of Comparative Advantage?
Comparative Advantage is the idea that one person/business/or area can offer a product at a better price than another. The key elements would be the social and economic impact of this theory.
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
What is the term used to describe the ability to produce a specific product more efficiently than any other nation?
Absolute Advantage
Differences between absulate advantage and comparetive advantage?
According to the definition I found, comparative advantage means being able to produce a product at a lower cost than others and absolute advantage means being the best at something or producing the best product.
What is the ability to produce a product the most efficiently given all the other products that could be Produced?
Comparative Advantage
What if one nation becomes more efficient than another nation at producing a specific product?
a comparative advantage
In what ways can an economy be said to have a comparative advantage in the production of one good?
An economy can have a comparative advantage in the production of one good when it can produce that good at a lower opportunity cost compared to other goods. This means that the economy can produce the good more efficiently, allowing it to specialize in that particular product and trade with other economies for goods in which they have a comparative advantage.
What is an example that illustrates the difference between comparative advantage and absolute advantage in international trade?
An example that illustrates the difference between comparative advantage and absolute advantage in international trade is the scenario where Country A can produce both cars and computers more efficiently than Country B. However, Country A has a comparative advantage in producing cars, while Country B has a comparative advantage in producing computers. This means that even though Country A has an absolute advantage in both products, it is more beneficial for both countries to specialize in the product they can produce most efficiently and trade with each other.
