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How can be comparative advantage improved?
Comparative advantage can be gained or improved through:
• Investment during the education and also in training
• Investment within infrastructure,
• Research and Development to enhance competitiveness that is lower unit costs, reliability and better product design.
• Lower inflation rates than all competitors
Comparative advantage into the production of lower valued added textiles has moved away through DCs to LDC economies, here unit labour costs are lower.
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What is the difference between wealth and income? Difference between wealth and income: • Wealth , which is a stock value that is the current value of assets for example b
elasticity concept occupies a central place in policy formulation. Explain in details.
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