Both export and import some of same products if

Reference no: EM13396923

"Comparative advantage can explain why people pursue different occupations. It can also explain why countries produce different goods and services. International trade involves many countries importing and exporting many different goods and services. Countries are better off if they specialize in producing the goods for which they have a comparative advantage. They can then trade for the goods for which other countries have a comparative advantage". Based on your knowledge of comparative advantage, look at U.S. exports and imports. Note that we both export and import some of the same products. If specialization is the essence of comparative advantage, why would we import and export the same product categories?

Reference no: EM13396923

Questions Cloud

Describe the steps which have been taken recently to : discus the steps that have been taken recently to promote greater accuracy and reliability of information concerning

Find the future value of 10000 invested now after five : 1.find the future value of 10000 invested now after five years if the annual rate is 8 percent.nbspa.what would be the

Recognize capital resources for country you selected for : identify the capital resources for the country you selected for your term paper phillipines. are the machinery

From your research and what you have learned identify three : to correctly identify opportunities and threats to their product marketing managers need to understand the marketing

Both export and import some of same products if : comparative advantage can explain why people pursue different occupations. it can also explain why countries produce

Does recycle price offered on aluminum cans over glass : why have soft drink firms chosen to use aluminum cans over glass bottles to fill its contents? how does the recycling

Why do economists emphasize efficiency as the significant : why do economists emphasize efficiency as an important goal of public policy? why is compensating volunteers to

A difference between actual costs and planned : a difference between actual costs and planned costs.should be investigated if the amount is exceptional. indicates that

Why does loss in total economic surplus directly : why does the loss in total economic surplus directly experienced by participants in the market for a good that is taxed

User Account

All Pages