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What type of product American company's export in which they enjoy a comparative advantage?
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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 a?
comparative advantage
When one country can produce a product more cheaply than another country can this is called?
comparative 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
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.
What does the term Comparative Advantage mean in Commerce?
In trade and commerce, the marketplace allows producers to take advantage of their costs of production. Each business can specialize in the production of a product in which they have the opportunity to have a lower cost of production. With that comes the comparative advantage. This increases total production and makes the economy larger. With this all companies have the chance to benefit. The additional production generated by specialization is the gain from free trade.
What is the meaning of economies of product differences?
The meaning of economies of product differences... The greater the difference in products produced by two economies the greater the economic efficiency to be obtained from trade between the two as per the theory of comparative advantage.
