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In what range must the price of the trade lie If two parties trade based on comparative advantage and both gain?
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What is Ricardo's Theory?
In a nutshell, the price of anything is based on comparative advantage. If Adam produces clocks better and cheaper than Bill, all clock production should go to Adam.
What are the key elements of Comparative Advantage?
Comparative Advantage is the idea that one person/business/or area can offer a product at a better price than another. The key elements would be the social and economic impact of this theory.
A nation is said to have a comparative advantage when it is able to?
produce a product at a lower price than other nations.
Is price an advantage in the market?
Having a lower price is an advantage in the market because it increases demand.
What are the merits and demerits of specialization in an economy?
Merits include being able to produce more of the goods a nation has a comparative advantage in and import goods from other nations (usually for a lower cost and at a higher quality) that they have an advantage in producing. This will mean the world output will increase and nations will be able to consume more at a lower price. The demerits are that nations can face prospects of unemployment in industries that don't have a comparative advantage. For example, the EU can import agricultural goods at a cheaper price from other nations but it subsidizes its agricultural sector. Otherwise there will be huge amounts of socially unacceptable unemployment. There is also a chance that strategic industries will face a threat (same reason why some nations impose high taxes on imports). Thus the demerit is unemployment which will cause income levels to fall and ruin the entire economy. The advantage is to be allowed to consume more at a lower price.
What is Ricardo's Theory?
In a nutshell, the price of anything is based on comparative advantage. If Adam produces clocks better and cheaper than Bill, all clock production should go to Adam.
What are the key elements of Comparative Advantage?
Comparative Advantage is the idea that one person/business/or area can offer a product at a better price than another. The key elements would be the social and economic impact of this theory.
Advantages of Competition Based Pricing?
what are the advantage of competition based price
A nation is said to have a comparative advantage when it is able to?
produce a product at a lower price than other nations.
Can you make me a sentence using the word comparative?
A Geo is not comparative to a Cadillac in price or style.
Is price an advantage in the market?
Having a lower price is an advantage in the market because it increases demand.
How is it possible for me to get tire and rim packages?
Tire and rim packages can be found online at wholesalers or distributors websites. To find the best deal and within your price range, a lot of the sites offer comparative shopping which you can use to your advantage.
What is an advantage if you discount a price?
There is no advantage, you just get less money.
Explain why a niche company might have an advantage in a market Would price necessarily be an advantage Explain why or why not?
Explain why a niche company might have an advantage in a market would price necessarily be an advantage explain why or why not
How do DSL Service Providers rip you off?
You may feel you are being taken advantage of based on price of the service. Compared to what you are getting can lead you to believe this.
What are the merits and demerits of specialization in an economy?
Merits include being able to produce more of the goods a nation has a comparative advantage in and import goods from other nations (usually for a lower cost and at a higher quality) that they have an advantage in producing. This will mean the world output will increase and nations will be able to consume more at a lower price. The demerits are that nations can face prospects of unemployment in industries that don't have a comparative advantage. For example, the EU can import agricultural goods at a cheaper price from other nations but it subsidizes its agricultural sector. Otherwise there will be huge amounts of socially unacceptable unemployment. There is also a chance that strategic industries will face a threat (same reason why some nations impose high taxes on imports). Thus the demerit is unemployment which will cause income levels to fall and ruin the entire economy. The advantage is to be allowed to consume more at a lower price.
What is one advantage of getting a loan from Barclays instead of any other bank?
Barclays is a financial institution based in the United Kingdom. One advantage they have over other banks is that they have a price guarantee. If you find a lower rate on a loan they will not only match that price, but give you a bit of extra money for your troubles.
