For example, Brazil has an absolute advantage over the United States in the production of coffee; the nations of the Middle East have an absolute advantage over the United States in the production of crude oil.
need answer
what are the assumptions of the absolute advantage cost?
Absolute advantage is when a producer can produce a good using less resources than their competitor(s), whereas comparative advantage is when a producer does not hold the absolute advantage but their ratio in producing a good is smaller. Example: Brian can type 30 words per minute and iron 10 shirts per house. John can type 15 words per minute and iron 8 shirts per hour. Though Brian has the absolute advantage in ironing, John has the comparative advantage.
absolute advantage is when a country,company, indivdual or region can produce a good better and at a cheaper cost than any other competitor.
asadasd
For example, Brazil has an absolute advantage over the United States in the production of coffee; the nations of the Middle East have an absolute advantage over the United States in the production of crude oil.
need answer
what are the assumptions of the absolute advantage cost?
Absolute advantage is when a producer can produce a good using less resources than their competitor(s), whereas comparative advantage is when a producer does not hold the absolute advantage but their ratio in producing a good is smaller. Example: Brian can type 30 words per minute and iron 10 shirts per house. John can type 15 words per minute and iron 8 shirts per hour. Though Brian has the absolute advantage in ironing, John has the comparative advantage.
59.84B$
absolute advantage is when a country,company, indivdual or region can produce a good better and at a cheaper cost than any other competitor.
They have an absolute advantage in making adult pleasures such as dildos and vibrators. Who knew the Chinese were such a horny nation.
None
explain theory of absolute cost advantage as propounded by Adam smith
no
There are 2 reasons for entering the international market or trade. 1.Absolute advantage :nations have an absolute advantage in proudcing goods. For example the US will produce 150 of x and 200 of Y and the EU will only produce 100 of x and 150 of Y. Here the USA produces more of both goods and has an absolute advantage. 2.Comparative advantage :This is when nations can produce a good with a smaller opertunity cost in comparrisant to its trade rivals.