Define and explain the concept of comparative advantage

Assignment Help Operation Management
Reference no: EM13790003

International economics is dominated by the idea of comparative advantage - that different endowments and activities in different countries make them relatively more or less efficient at different economic activities. In other words, countries (and organizations) should specialize in the economic activities where they have a competitive edge against the competition.
In a two to three page research paper in APA style, elaborate on the concept of comparative advantage and how this concept is the determining factor in the long-term stability of a country and profitability of an organization. In particular, research and determine the following:

Define and explain the concept of comparative advantage.

Select any country that interests you. Then, determine one product or service where the country has a comparative advantage and one where they have a comparative disadvantage. Discuss the factors within the country that created this comparative advantage, and also the factors that contributed to their comparative disadvantage.

Finally, where the country has a comparative advantage, detail the strategy the country should adapt to maintain this advantage for the next five years. Importantly, comparative advantages fade rapidly and countries (and organizations) should constantly strive to maintain and expand their existing comparative advantages.

Reference no: EM13790003

Questions Cloud

What do you consider most crucial element in green design : What do you consider the most crucial element in green design? Why? It's worst? Define each term as it relates to sustainable construction.
Granting of stock options : 1. In what case would granting of stock options would not be remuneration for services?
Compare and contrast the growth of globalization : Compare and contrast the growth of globalization over the past thirty years, in general, and then specifically for one industry of your choice.
Application: standards, privacy and security issues : What individual and/or groups are accountable for maintaining patient privacy? Who is responsible for health system security?
Define and explain the concept of comparative advantage : Define and explain the concept of comparative advantage. Select any country that interests you. Then, determine one product or service where the country has a comparative advantage and one where they have a comparative disadvantage.
Total cost recovery deduction for the year : John purchased three new front loaders on January 15, 2014 for $550,000 and elects section 179 expensing on the front loaders. He also purchased a dump truck on January 18, 2014 for $80,000. He elects to take additional first year depreciation on ..
Appropriate method to utilize for the company : Detail when it would be advantageous, and disadvantageous, to utilize each of the methods. Offer an example of a multinational company who utilizes each method and explain if you believe it is the most or least appropriate method to utilize for th..
Projected return on investment for college : Develop a three- to five-page analysis (excluding the title and reference pages) on the projected return on investment for your college education and projected future employment. This analysis will consist of two parts.
Plot the consumption function on a scale diagram : Compute nominal GDP for each year in economy - Compute the average propensity to consume for each level of income and fill in the table.

Reviews

Write a Review

 

Operation Management Questions & Answers

  Describe the organizational culture

Describe the organizational culture of your selected company including any changes it has experienced.

  Can you envision a scenario where companies and consumers

In your opinion, what steps could be taken to better deter illegal acts such as piracy and counterfeiting? Can you envision a scenario where companies and consumers reach a relationship that eliminates the profitability of these acts.

  Differences between virtual and face-to-face presentations

Understanding the differences between virtual and face-to-face presentations is certainly becoming more important as business needs grow. Assess and explain the principal differences between face-to-face and virtual presentations. As an attendee or c..

  Best guess estimate of the dates for milestones

Develop a scope statement for this project that contains examples of all of the elements. Assume that the event will occur in four weeks, and provide your best guess estimate of the dates for milestones.

  Discuss the five porter''s forces

Discuss the five Porter's forces and explain their impacts in the context of Aviation industry.

  Compare the outline to that of a third-party approach

Compare the outline to that of a third-party approach. Explain the importance of trusting the process.

  What future for operations

What future for Operations, what can be done for a better future of our own discipline?

  Explanation for shadow prices

MI6's Q Branch is developing a new ultra dry martini. The martini is a mixture of vodka plus three liquid ingredients: A, B, and C. To ensure proper performance, the total amount of additive amount of A plus amount of B plus amount of C must be at le..

  Explain the logistics system that overnight small package

in preparation for your overall logistics white paper recommendation to the ceo she has asked you to give her a taste

  Search the web for an article on strategic information

Summarize the article and mention in your report the name of the Web site where you found the article. Limit your report to two or three paragraphs.

  Describe the organizational buyers and consumers

Describe the organizational ( Starbucks) buyers and consumers of your product or service and the factors that influence their purchasing decisions. Discuss how these factors will affect your marketing strategy. about 400 words with reference.

  Represent a pollution prevention strategy in an organization

Which of these represent a pollution prevention strategy in an organization? Automation of manufacturing facility, Transforming business from manufacturing to service operations, Changing the materials used or redesigning how operations are bid out, ..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd