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What are the limitations of comparative advantage?
Limitations of comparative advantage:
International trade needs wide specialisation. This can have drawbacks as given below:
• Strategic issues: countries turn into dependent on imports of necessaries from other countries. A dispute within one country can halt production into other
• Foreign producers may engage in dumping that is selling output below average cost like part of a predatory pricing contribution pricing strategy. These practices are against WTO rules
• Infant industries argument: Sunrise industries may not be capable to become established when faced with competitors through foreign companies along with lower costs because of greater economies of scale.
• A country might experience the drawback of overspecialisation, involving diseconomies of scale,
• Vulnerability to unexpected changes into demand. All the products include a life cycle. Where a country has specialised within a product consumers no longer desire, structural and unemployment follows.
Explain a five-stage process for project risk management. The major stages in project risk management are as follows: •Plan the approach: This approach is described that is
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how economics useful for businesses
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What are social cohesion, social capital and social inclusion? Development economics importance the role of social capital, cohesion and inclusion into the process of developm
Why do markets work into promoting development? Liberal economists dispute a free market economy works since this gives incentives for self-generating growth. Particularly the
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IMPLEMENTATION ISSUES: Infrastructure sector, especially economic infrastructure, projects are facing a variety of problems, which are to be addressed in order to realise the
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