A nation that has a comparative advantage in producing a good or service compared to

Business

1 answer:

NNADVOKAT [17]3 years ago

3 0

Answer:

Opportunity cost

Explanation:

A country is said to have a comparative advantage in producing a good, if it has a lower opportunity cost of producing that good in comparison to the other country. For instance if the opportunity cost of producing Wheat in U.S is 2. While that in China is 1. It shows that China has a comparative advantage in producing wheat as compared to the U.S.

So a nation that has a comparative advantage in producing a good or service compared to the other nation can produce that good or service with a lower opportunity cost.

Efficiency, Profit and Resource cost are not directly related to comparative advantage. Although efficiency can contribute towards lower opportunity cost but it is not a scale used for international trade.

Thus, lower opportunity cost is the best alternative.

You might be interested in

23. The three steps of project management are _____.

Mrrafil [7]

Answer:

The correct answer is letter "B": creating the work plan, staffing the project, and controlling and directing the project.

Explanation:

Project Management is a discipline that comprehends the organization, planning, motivation, and control of a company's resources to reach objectives established to achieve success in one or many projects within the limits of the corporation.

The main three steps in every project management include project initiation -plan creation, staffing the project -recruiting and selecting project members, and controlling and directing the project -monitoring the project progress.

4 0

3 years ago

Consumers spend little time and effort evaluating alternatives in the purchase of flour and soap. The consumer purchase decision

zloy xaker [14]

Answer: Routine problem solving

Explanation:

As stated in the question the customer buys flour and soap they are familiar with when making purchase without spending time to evaluate alternatives, this is a typical example of routine problem solving in making purchase decision.

Routine problem solving is a form of decision making in purchase where consumers purchase products they are familiar with, without paying much considerations to other options available.

3 0

3 years ago

The step of making a tentative plan in the troop-leading procedure usually has six steps. what is step six?

vladimir1956 [14]

Step six is to complete the plan.

The basic six steps are:
- receiving the requirements
- issuing a warning order
- making the tentative plan
- initiating the movement
- conducting the reconnaissance, and finally
- completing the plan

It is also advisable to follow the 6 steps by two additional steps which are:
- issuing the complete order
- supervision

5 0

3 years ago

Which of the following is a sign that entrepreneurship might be a good fit for you?

FinnZ [79.3K]

You like to convince people do what you want for the benefit of everyone.

8 0

3 years ago

Dealer markets are characterized by: no time-consuming search for a fair deal. a guarantee of order fulfillment because the deal

MAVERICK [17]

Answer:

all of the above characterize dealer markets.

no time-consuming search for a fair deal.
a guarantee of order fulfillment because the dealer holds an inventory of securities.
improved market efficiency because dealers provide continuous bid and ask prices for securities.

Explanation:

A dealer market is a market where financial dealers post their trading prices (the buying and selling price of stocks, bonds, foreign currency, etc.). The largest dealer market in the US is Nasdaq where stocks are traded electronically. The main difference between a dealer market and a regular auction market like the NYSE is that no bidding takes place since operations are done in a split second.

3 0

3 years ago