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Topic: Business
Number of pages / Number of words: 3 / 753
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By using the theory of comparative advantage, both countries can gain from specialization and trade.

Table 2 Opportunity costs

Opportunity cost

Country 1 unit of wheat 1 unit of cloth

Australia 0.5 (10/20)

units of cloth 2 (20/10)

units of wheat

China 1 (5/5)

units of cloth 1 (5/5)

units of wheat

From Table 2:

  • Australia has a comparative advantage in the production of wheat since it has to give up only 0...

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By using the theory of comparative advantage, both countries can gain from specialization and trade.

Table 2 Opportunity costs

Opportunity cost

Country 1 unit of wheat 1 unit of cloth

Australia 0.5 (10/20)

units of cloth 2 (20/10)

units of wheat

China 1 (5/5)

units of cloth 1 (5/5)

units of wheat

From Table 2:

  • Australia has a comparative advantage in the production of wheat since it has to give up only 0...

Essay fragment

General points of the essay

Comparative Advantage: Electronic Stores Comparative study of trade between Australia, USA and Japan comparative and absolute advantage Impact Of The Asian Currency Unit (Acu) On The East Asian Economies: Lessons From The European Monetary Unit (Emu). In certain cases Porter's Diamond of Competitive Advantage may not be an appropriate framework for the analysis of a nation's sources of competitive advantage. Opportunity Cost And The Free Market The Comparative Effectiveness of the World Bank and MNE’s on Developing Countries (Trade and Development) The Relativity Of Comparative Advantage Of Low Labor Cost And The Absoluteness Of Technological Advantagesthe Relativity Of Comparative Advantage Of Low Labor Cost And The Absoluteness Of Technological Advantages Theory of Absolute Cost Advantage Theory of Comparative Advantage BPO-Comparative Advantage v. Competitive Advantage Comparative Criminal Law Paper - Norway V Australia comparative advantage Explain why the theory of comparative advantage is the basis for international trade (mutual benefit from trade). Opportunity Costs

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