International Trade: Sourcing, Regulations, and Compliance, Exams of
Advanced Education
what are the reasons for international trade? - ANSWERunequal distribution
of resources and specialization
imports - ANSWERgood brought into the country
exports - ANSWERgoods sent to other countries
why do countries specialize in certain products when they trade - ANSWERto
concentrate their efforts on producing a few goods and services instead of
everything they need
absolute advantage - ANSWERthe ability to produce more of a given product
than someone else
comparative advantage - ANSWERThe ability of a country to produce a good
at a lower opportunity cost than another country can.
Advanced Education
what are the reasons for international trade? - ANSWERunequal distribution
of resources and specialization
imports - ANSWERgood brought into the country
exports - ANSWERgoods sent to other countries
why do countries specialize in certain products when they trade - ANSWERto
concentrate their efforts on producing a few goods and services instead of
everything they need
absolute advantage - ANSWERthe ability to produce more of a given product
than someone else
comparative advantage - ANSWERThe ability of a country to produce a good
at a lower opportunity cost than another country can.
