Asked by Alexandra Velicky on Jun 01, 2024
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Related to the Economics in Practice on page 666: Trade ________ comparative advantage of countries and ________ the efficiency of firms.
A) exploits; improves
B) exploits; reduces
C) inhibits; improves
D) inhibits; reduces
Comparative Advantage
The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors, leading to more efficient international trade.
Economics
The study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided.
Efficiency
The condition in which the economy is producing what people want at least possible cost.
- Comprehend the principles of comparative advantage and factor endowments, along with their impact on trade dynamics.
- Explore how economic amalgamation contributes to the advancement of international trade.
Verified Answer
Learning Objectives
- Comprehend the principles of comparative advantage and factor endowments, along with their impact on trade dynamics.
- Explore how economic amalgamation contributes to the advancement of international trade.
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