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Discuss and explain the difference between the two.
The principle upon which Adam Smith first claimed that free trade benefits all countries. It holds that a country benefits from trade when it produces a particular good at a lower cost (in terms of labor input) than it costs to produce the good in any other country. By specializing the in the production and export of this good and importing goods whose production costs are higher than in other countries, the country can consume more of both goods. In trade theories, this principle was later replaced by the principle of comparative advantages.
Comparative Advantage is first fully stated by David Ricardo in the early nineteenth century, this concept holds that a country has a comparative advantage in a good if it can produce that good more cheaply than it can produce other goods. By specializing in the production of goods in which it holds a comparative advantage and importing the other goods, the country can consume more of all goods. In contrast to Adam Smith, therefore, this principle states that a country need not have an absolute advantage in any good to benefit from trade. The principle provides a powerful justification for liberal international trade by asserting that all countries benefit from such trade.
Briefly discuss the methods traders use in attempting to evade the difficulties they face in markets that involve "Lemons".
Elucidate explain why after such unprecedented economic growth, technical advance economies still experience economic cycles and stagnation.
suppose a person defects from cuba (a country that generally disregards the use of markets) to the united states and asks to see a market in action. when would you take her? did you give her a complete showing of this market?
Illustrate what are the three major categories of expenditures for the federal government. Explain whether or not we should be concerned with net interest outlays and national debt.
A profitable company making earthmoving equipment is considering an investment of $100,000 on equipment that will have a 5-year useful life and a $20,000 salvage value. If money is worth 10%, what is the difference in Net Present Worth of the de..
The Federal Reserve buy $1 million in United State Treasury Bonds from a bond dealer, and the dealer's bank credits the dealer's account. The required reserve ratio is 15%,
The company's computer system uses fluid structure interaction modeling to test and analyze each airbag design concept. What is the present worth of the concept at 16% per year, compounded quarterly, if the quarterly cost in years 1 through 5 is $..
Physical capital, Natural resources, Human Capital and Technical Knowledge, should it be Government policy to subsidize the production or acquisition of all or these?
Illustrate what is the impact of shifts of the aggregate demand curve on potential output. Illustrate your answers with a diagram.
Rita has well-behaved preferences over steak and fries. at her current consumption bundle of 3 steaks and 10 fries, her marginal rate of substitution between steak and fries is 1/2 (in absolute value). if you offered to take away one fry and give ..
Jones on the other hand regards ham and cheese as perfect substitutes-she is always willing to trade 3 slices of ham for 4 slices of cheese, and her utility function is given by Uj+4h+3c. Total endowments are 100 slices of ham and 200 slices of ch..
Simpson's Scuba Company is a manufacturer and retailer of scuba machine. Currently, the Company has no coordinated cash management system, and the firm's management has decided to focus on ways to improve the cash collection process.
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