Lesson 1.3 Homework Forums

Amia

Amia

by Yuhan (Amia) Liu -
Number of replies: 0

1. Gas, oil, wood, minerals...

2. agriculture, fishing, hunting, trapping, forestry.

3. pros: Creating more work opportunities, seperate the tax of one industry

cons: less innovation and seperate income.

4. School education, health care...

5. In the same conditions, absolute advantage is the higher efficiency of producing one product. Comparative advantage is the lower opportunity cost of producing one product.

6. This country has comparative advantage in making other products and it trade with other country.