They should live following the eightfold path. Otherwise known as the middle way.
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Absolute advantage: The ability to produce more cheaply.
Comparative advantage: The existence of lower opportunity costs than competitors.
Specialization: The performance of a particular task within an economic system.
Protectionism: The existence of barriers to free-flowing trade.
Explanation:
The four terms that are defined above have to do with trade and the economic theories behind the different trade policies that countries employ. Protectionism is employed when countries want to avoid trade with outside countries and to lower competition with outside countries. Therefore, a country may impose tariffs that make importing goods very expensive. A country will have an absolute advantage in a product if they can make it much cheaper than another country. For example, timber products in Canada will cost less because they have an abundance of forests compared to other countries. A country may have an absolute advantage in one industry but that still may not be its comparative advantage. The country will have to weigh the trading opportunity costs are. Say that one country has no farmland but it has lots of oil. The other country has farmland and oil, but is willing to forgo trading oil in order to trade food for oil with the other country because the opportunity costs for forgoing oil are lower. Now the second country has a comparative advantage in food and the first country has a comparative advantage in oil. David Ricardo believed that comparative advantage would lead to specialization as in countries would specialize in the products they have a comparative advantage in.
Answer:
yeah that is a lot of numbers
Explanation:
that is reallyy cool
Answer:
No, i don't think it would happen
Austria and Serbia has been involved in several conflict even before the world war 1. They involved in economic conflicts in early 1900s that make the tension between the two countries became quite high, but they still do not have any proper reason to initiate war with one another.
The assassination of Archduke Ferdinand became a perfect trigger for the people who want the war to break out. It became really easy for them to gained support from the citizens to initiate an attack toward Serbia, which lead to the world war 1.
Explanation:
Answer:
A similar example is the federal government's use of mandates. A mandate is a federal regulation that states must follow. Mandates are another common way that the federal ...
Explanation:
I tried, it's my first time.
