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Economic opportunities happen from nations which develop industries in which they have a comparative advantage.
Using the nation of Japan help discuss the following
1. Describe the concept of comparative advantage.
2. Identify factors of production or technology that are in relative abundance in Japan (remember that labor as a factor of production can be segmented into unskilled, skilled, highly skilled, etc.).
3. According to comparative advantage, in which industries would you recommend the Japan to specialize?
4. Has the Japan specialized in your suggested industries?
5. Are there opportunities for industry specialization that you see unfilled?
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Southcoast Oil's fixed costs are $2,500,000 and its debt repayment requirements are $1,000,000. Selling price per barrel of oil is $18 and variable costs per barrel are $10.
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what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources?
Future economic glowth
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Law of Demand indicates that there is the inverse relationship between price and quantity, why does it matter which particular mix of price and quantity is selected?
Trade Restrictions Effects on Exchange Rates. Suppose that the Japanese government relaxes its controls on imports through Japanese firm.
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