Reply
Wed 21 Jan, 2015 12:06 am
Would the US be better off if it was self-sufficient? In other words, should we block all imports?
Why is exchange important to a nation's prosperity? How does trade influence the quantity of output that trading partners are able to produce? In a market economy, will there be a tendency for both resources and products to be supplied by low-cost producers? Why or why not? Does this matter? Explain.
@animalchubs,
It's about comparative advantage. It's about the more advanced economies to produce the goods and services that has universal demand, while the underdeveloped economies produce products and services at lower cost. The form of government and economy of the country forms the foundation.
Stumble It!
Tweet This
Bookmark on Delicious
Share on Facebook
Share on MySpace