Determinatives of demand and supply of a product

Reference no: EM1374094

#1 If a nation can make a product efficiently but there is no domestic market for that product, how can that country increas through producing that item? Please respond with at least 150 words with or without examples.

#2 Adam Smith developed the theory of absolute advantage. Can any country really have an absolute advantage over other countries? Please respond in at least 150 words with or without examples.

#3 Discuss the determinatives of demand and supply of a product? Please respond in at least 150 words with or without examples.

#4 Describe what is wrong with this statement: Opening trade drives prices of goods and costs of factors into equality between countries, but once prices and costs equalize, there is no longer any reason to trade." Please respond in at least 150 words with or without examples.

Reference no: EM1374094

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Determinatives of demand and supply of a product : If a nation can make a product efficiently but there is no domestic market for that product, how can that country increas through producing that item? Discuss the determinatives of demand and supply of a product.

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