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marissa [1.9K]
3 years ago
8

In general, individuals and nations should specialize in producing those goods for which they have a(n):

Business
1 answer:
lesya [120]3 years ago
8 0

Answer:

Comparative advantage.

Explanation:

Comparative advantage in economics is the ability of an individual or country to produce a specific good or service at a lower opportunity cost better than another individual or country.

The comparative advantage gives a country a stronger sales margin than their competitors as they are able to sell their specific products or render their peculiar services at a lower opportunity cost.

In 1817, David Ricardo who is an english political economist talked about the law of comparative advantage in his book “On the Principles of Political Economy and Taxation." Also, the principle of comparative advantage states that, nations (countries) can become better off than their contemporaries through the process of specializing in what they know how to produce or do best.

This simply means that, any country applying the principle of comparative advantage, would enjoy an increase in output and consequently, a boost in their Gross Domestic Products (GDP).

In general, individuals and nations should specialize in producing those goods for which they have a comparative advantage.

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True or False: The Law of One Price states that in competitive markets free of transportation costs and barriers to trade (such
sukhopar [10]

Answer:

It is False

The law of one price (LOOP) states that in the absence of trade frictions (such as transport costs and tariffs), and under conditions of free competition and price flexibility (where no individual sellers or buyers have power to manipulate prices and prices can freely adjust), identical goods sold in different.

4 0
3 years ago
Read 2 more answers
Lone Star Meat Packers is a major processor of beef and other meat products. The company has a large amount of T-bone steak on h
shusha [124]

1. The Lone Star Meat Packers' financial advantage of further processing one T-bone steak into Filet Mignon and New York cut steaks is $0.41 per pound.

Data and Calculations:

Selling price per pound of T-bone steaks = $2.40

Split-off costs = $1.60

Profit per pound =$0.80 ($2.40 - $1.60)

6-ounce filet mignon = 0.375 pounds (6/16)

8-ounce New York cut = 0.5 pounds (8/16)

Further processing costs = $0.19

New sales prices after further processing:

Filet Mignon = $1.35 ($3.60 x 0.375)

New York cuts = $1.65 ($3.30 x 0.5)

Total price per pound = $3.00

Total cost after further processing = $1.79 ($1.60 + $0.19)

Profit per pound after further processing = $1.21 ($3.00 - $1.79)

Financial advantage from further processing = $0.41 ($1.21 - $0.80)

Thus, the financial advantage of further processing one T-bone steak into Filet Mignon and New York cut steaks is $0.41 per pound.

Learn more: brainly.com/question/23032790

8 0
2 years ago
When different sequences of operations are required for creating small batches of different products, the type of design or layo
damaskus [11]
Product design but I’m also a little convinced it’s also product layout
3 0
2 years ago
Which of these is a good?
Llana [10]
<h2>A $4.00 for car wash is good</h2>

Explanation:

Option A: A fancy hair cut option is given but it is not associated with any of the price. So we cannot say it is good or worth for the money.  

Option B: It seems to be valid. But when we consider all the given options, there are better options than this.

Option C: Rusted means a brown layer formed on the body of the car. So we cannot say it is good. So this option too is invalid.

Option D: Normally car wash costs $10. It is worth to do a complete car wash with $4.00. This option is the best choice.

4 0
3 years ago
X Company is preparing its IPO prospectus and is informed by its attorneys that the company needs to discuss the board's role in
Rom4ik [11]

<u>Answer: </u>This discuss would be best placed within the section of the prospectus known as the management section.

<u>Explanation:</u>

The management section in the prospectus has the information regarding the management team biography and the key people in the company. The board's role in risk oversight is through developing policies to build strategies that are consistent with risk ability of the X Company.

Enterprise risk management is a strategy that helps is preventing the company from any hazards. ERM has its effect on the operations of the company so the Board plays a major role in managing ERM.

3 0
3 years ago
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