The correct answer would be option B, Having a lower cost of production than other firms or nations.
Absolute advantage is having a lower cost of production than other firms or nations.
Explanation:
When a firm or nation can produce a product or service with less resources, or at lower cost, than other firms or nations, then this advantage is said to be the Absolute advantage.
When a firm or nation is able to produce a product or service cheaply than other firm or nation, this is called as Absolute Advantage.
We can take an example to understand the concept of Absolute Advantage. India has cheap workforce than Philippines, so India has an absolute advantage over Philippines in the Call Center Sector because India can hire workforce at a cheaper rate which can do the same task as that of the workforce in Philippines.
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Answer:
<h2>Here's some info to help, though I can't help answer the question . </h2>
Explanation:
The Silk Road History >> Ancient China The Silk Road was a trade route that went from China to Eastern Europe. It went along the northern borders of China, India, and Persia and ended up in Eastern Europe near today's Turkey and the Mediterranean Sea. Map of the Silk Road - Route in red (later ocean routes in blue) Source: NASA Why was the Silk Road important? The Silk Road was important because it helped to generate trade and commerce between a number of different kingdoms and empires. This helped for ideas, culture, inventions, and unique products to spread across much of the settled world. Why is it called the Silk Road? It was called the Silk Road because one of the major products traded was silk cloth from China. People throughout Asia and Europe prized Chinese silk for its softness and luxury. The Chinese sold silk for thousands of years and even the Romans called China the "land of silk". What goods did the Chinese trade? Besides silk, the Chinese also exported (sold) teas, salt, sugar, porcelain, and spices. Most of what was traded was expensive luxury goods. This was because it was a long trip and merchants didn't have a lot of room for goods. They imported, or bought, goods like cotton, ivory, wool, gold, and silver. How did they travel? Merchants and tradesmen traveled in large caravans. They would have many guards with them. Traveling in a big group like a caravan helped in defending from bandits. Camels were popular animals for transport because much of the road was through dry and harsh land. History Although there was some trade between China and the rest of the world for some time, the silk trade was significantly expanded and promoted by the Han Dynasty which ruled from 206 BC to 220 AD. Later, under the rule of the Yuan Dynasty set up by Kublai Khan of the Mongols, trade from China along the Silk Road would reach its peak. During this time the Mongols controlled a significant portion of the trade route, enabling Chinese merchants to travel safely. Also, merchants were granted more social status during the Mongol rule. Fun facts about the Silk Road It was over 4,000 miles long. Marco Polo traveled to China along the Silk Road. Not all that was traded along the Silk Road was good. It is thought that the bubonic plague, or Black Death, traveled to Europe from the Silk Road. Very few merchants traveled along the entire route. Goods were traded at many cities and trade posts along the way. There wasn't just one route, but many routes. Some were shorter, but more dangerous. Others took longer, but were safer.
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<h3>HOPE THIS HELPS!</h3>
Answer:
The Tea Act, passed by Parliament on May 10, 1773, granted the British East India Company Tea a monopoly on tea sales in the American colonies. The passing of the Tea Act imposed no new taxes on the American colonies.
Explanation:
The Tea Act 1773 (13 Geo 3 c 44) was an Act of the Parliament of Great Britain. The principal ... The markups imposed by these merchants, combined with tea tax imposed by the Townshend Acts of 1767 ... Rights of Englishmen · Writ of assistance · Admiralty courts · Parson's Cause (1763); Taxation without representation ..
