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When one country can produce a product more cheaply than another country. what can this be called?

When one country can produce a product more cheaply than another country this is called comparative advantage. When one country can produce more goods than another using an equal amount of resources, this is called absolute advantage.


What refers to a country's ability to produce more of a given product than another country can?

absolute advantage


When one country can produce a product more cheaply than another country can this is called?

comparative advantage


Why economics is part of your life?

A healthy economy, in which a country is exporting (selling) more products than it is importing (buying). A healthy economy decreases the price of not only products made in other countries, but also in your home country, as the more of a product a factory makes, the cheaper each individual product is. If a factory is exporting to other countries, it will make even more of a product, to supply demand at home and in other countries, and thus where ever the product is bought, it will cost less than if the factory making it was not exporting it (in which case you could only buy the product in the country where the factory is located). There are other ways the economy effects your life as well, but this is the most obvious and significant, though too many imports can also cause people in the country that is doing the importing to lose their jobs, because the products they make may be cheaper if made in another country.


What product that was brought into a country?

Export.

Related Questions

How do you harvest URANIUM?

Uranium is a product of mining industry.


What is more radioactive than pure uranium?

Many radioactive isotopes are more radioactive than the naturally occurring uranium isotopes:All fission product isotopes are more radioactive (e.g. iodine-131, strontium-90)Most radioactive isotopes in the uranium --> lead decay chain are more radioactive (e.g. radium, radon, polonium)Plutonium is more radioactiveTritium is more radioactiveCarbon-14 is more radioactiveArtificially produced uranium isotopes are more radioactive (e.g. uranium-233, uranium-236)etc.


Who is the largest uranium reserve country?

Australia is considered the country the most rich in uranium ores.


What product does uranium belong to?

Uranium is a radioactive metal, member of the actinoids family.


In which country is Uranium City?

Uranium City is in Canada.


Who country has biggest saturation of uranium?

Now the biggest production of uranium is in Canada.


Why is radium found in uranium ores but not in barium ores?

Radium is a decay product of uranium.


What is the world's largest uranium producing country?

Canada is the largest Uranium producing country when measured in 2006.


Does radioiodine 131 originate from uranium or silver?

The isotope 131I is a fission product of uranium and plutonium.


Do uranium has a state or country?

No


What is the Uranium product chain?

See the link below


What is the daughter product of uranium 238 by beta and gamma emission?

The decay product of uranium 238 by alpha disintegration (not beta or gamma) is thorium 234.