Comparative advantage & trade
9 important questions on Comparative advantage & trade
What is role of economics?
- Providing estimates of the benefits and costs of programs to improve food safety
- analysing their effect on production and trade in food products
What is comparative advantage theory(general)?
- Explains the existence of international trade
- Gains from trade individuals, firms or nations
- Compare the opportunity costs of producing goods across countries
Conditions:
- Under the condition of free trade
- Free planning field
Which factors give advantage?
- Price of labour
- Existing regulations in countries
- Subsidies
- Natural resources
- Technology
- Education
- etc.
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What is comparative advantage?
What is effect of specialisation?
When does market failure occurs? (5X)
- Asymmetric information
- Moral hazard
- Transaction costs
- Imperfect knowledge
- Existence of external or social costs
How to close social gap?
- Labelling + education
- governmental regulations
- products standards (e.g. Maximum residue levels)
- process standars
What is social gap?
How can difference regulations can create conflicts ?
- If domestic producers must adhere to regulations that raise costs of production, but foreign firms do not
- If difference is not visible
- Not willing to pay a premium price
- image of countries does play a role here
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
