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When a nation's exports exceed its import what is it called?
When a country' import exceed it's export is called Deficit then when a county's export exceed it import is called surplus.
Specialization in a nation leads to?
comparative advantage
What if one nation becomes more efficient than another nation at producing a specific product?
a comparative advantage
What was the most important principle of mercantilism?
The most important principle of mercantilism was to export more than you import when running a nation.
The theory of comparative advantage exists because?
no nation can produce all the products its people want and need.
When a nation's exports exceed its import what is it called?
When a country' import exceed it's export is called Deficit then when a county's export exceed it import is called surplus.
Specialization in a nation leads to?
comparative advantage
What if one nation becomes more efficient than another nation at producing a specific product?
a 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.
How can you use statistics in sentence?
From the chart, statistics show that the nation's import rate far exceeded its export rate.
What was the most important principle of mercantilism?
The most important principle of mercantilism was to export more than you import when running a nation.
The theory of comparative advantage exists because?
no nation can produce all the products its people want and need.
What is the advantage of import and export?
I another country does not produce the products that my country produces, I can send my products to that country in exchange for products that they produce that I do not have. .... Simples 2.It ensures a nation earn foreign exchange therefore improving the living standards of that country
What is the term used to describe the ability to produce a specific product more efficiently than any other nation?
Absolute Advantage
Why is a nation with abundant resources better off trading than being self-sufficient?
A nation is better off when it produces goods and services for which it has a comparative advantage.
What is a comparative form for nation?
comparative of united
Can there be trade between two nation even if one has absolute disadvantage?
Yes, and not only that, but such trade can be profitable for both countries due to comparative advantage.
