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Comparative advantage is an economy’s ability to produce a particular good or service at a lower opportunity cost than its trading partners. … Comparative advantage suggests that countries will engage in trade with one another, exporting the goods that they have a relative advantage in.
A comparative advantage exists when a country can produce goods at a lower opportunity cost compared to other countries. It is not possible for a country to have a comparative advantage in all goods.
A country has comparative advantage in the production of a good if it can produce that good at a lower opportunity cost relative to another country. the difference between the opportunity cost of producing the product domestically versus the cost of purchasing the product from another country receives from trade.
A person has a comparative advantage at producing something if he can produce it at lower cost than anyone else. Having a comparative advantage is not the same as being the best at something. In fact, someone can be completely unskilled at doing something, yet still have a comparative advantage at doing it!
A country has a comparative advantage when a good can be produced at a lower cost in terms of other goods. Countries that specialize based on comparative advantage gain from trade.
The Philippines has a revealed comparative advantage in exporting from high technology industries. They constitute more than 50 percent of total goods exports, and they were affected during the global financial crisis.
Countries have a comparative advantage in production when they can produce a good or service at a lower opportunity cost than other producers. Countries are better off if they specialize in producing the goods for which they have a comparative advantage.
Comparative advantage refers to the ability of a party to produce a particular good or service at a lower opportunity cost than another. Even if one country has an absolute advantage in producing all goods, different countries could still have different comparative advantages.
For example Ireland has a comparative advantage in cheese and butter due to climate and a large amount of land suitable for dairy cows. China has a comparative advantage in electronics because it has an abundance of labor.
What do economists mean when they say a country has a comparative advantage in the production of a particular good? That the country can produce the good at a lower opportunity cost than other countries. Based on the production schedule below, who has a comparative advantage in clams? You just studied 15 terms!
A producer has a comparative advantage in the production of a good if that producer can produce the good using fewer inputs than other producers. You just studied 8 terms!
The United States has the comparative advantage in making shirts. In the United States, the opportunity cost of making one shirt is giving up 1/3 boot, but Canada’s opportunity cost of making 1 shirt is 1 boot.
For example, if a country is skilled at making both cheese and chocolate, they may determine how much labor goes into producing each good. If it takes one hour of labor to produce 10 units of cheese and one of of labor to produce 20 units of chocolate, then this country has a comparative advantage in making chocolate.
if a nation has an absolute advantage in the production of a good, it can produce that good using fewer resources than its trading partner. If a nation has a comparative advantage in the production of a good, it can produce that good at a lower opportunity cost than its trading partner.
What is a comparative advantage? Comparative advantage refers to the ability to produce goods and services at a lower opportunity COST, not necessarily at a greater volume. … Its opportunity costs of producing goods at a lower than those of its trading partners.
To calculate comparative advantage, find the opportunity cost of producing one barrel of oil in both countries. The country with the lowest opportunity cost has the comparative advantage.
Various descriptions to illustrate the country’s advantages are the country’s strategic location, hardworking and English-speaking people, continuous infrastructure for global growth, democratic government, liberalized economy, etc.
As the Philippines has a natural competitive advantage in tourism because of the warmth of its people and its natural wonders that are yet to be fully harnessed, the government recognizes tourism as a major contributor to the generation of foreign exchange earnings, investments, and revenues, and to the growth of the …
A primary benefit gained from participating in the WTO is that trade liberalization takes place on a multilateral basis. This means that the opening of the Philippine market would be compensated by the opening up of all other member-countries’ markets.
According to this theory, if countries specialize in and export the goods in which they have an absolute advantage (can produce with fewer resources), there results an improvement in resource allocation and increased production and consumption in each country. … Forms the basis of the theory of comparative advantage.
In this chapter, we consider the major sources of comparative advantage: differences in technology, resource endowments, and consumer demand; and also, the existence of government policies, economies of scale in production, and external economies.
The United States has a revealed comparative advantage in exporting capital goods, chemicals, miscellaneous goods, plastics, rubber and transportation.
one country has comparative advantage over another in the production of a particular good relative to other goods if it produces that good less inefficiently (more efficiently) compared with the other country.