Asked by Tripp Hardee on Jun 17, 2024
Verified
A _______________________________ is a country's unique ability to excel in the production of a particular good (or service) due to its proximity to natural resources or greater expertise.
Comparative Advantage
The ability of a country, company, or individual to produce a good or service at a lower opportunity cost than competitors.
Proximity
The state of being close or near in space, time, or relationship.
Natural Resources
Naturally occurring materials such as minerals, water, and fertile land that can be used for economic gain.
- Understand comparative advantage and its significance in international trade.
Verified Answer
Learning Objectives
- Understand comparative advantage and its significance in international trade.
Related questions
_______________________________ Occurs When All Trade Barriers Between Countries Are Removed ...
If Two Nations Specialize According to Their Respective Comparative Advantage ...
The Nation That Has a Comparative Advantage in a Particular ...
Assume That by Devoting All Its Resources to the Production ...
International Trade Based on the Principle of Comparative Advantage Creates ...