The Effects of specialization on international trade Specialization basically means when an individual or businesses produce a narrow range of products in simple words ‚ when a person or business focuses on producing one type of product because they are good in producing that product. International exchange allows for specialization‚ which is when one producer produces the good that comes at the least cost of production and opportunity to him or her and then trades for those goods that come
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Global Economic Condition Great Recession of 2008-09 has slowed the growth of world output‚ especially in the developed countries like EU‚ USA‚ Japan and Canada etc. In the developed countries unemployment remains high at the rate of nearly average 9 per cent again income of the employed people remain stagnant1. Although the great Recession is on the way of recovering‚ more and more worker remain out of the job for a long time‚ especially young workers‚ medium-term growth prospects also suffer
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Specialization in Trade 1. a) A country is said to have an absolute advantage in the production of a good if it can produce it using fewer resources than another country. On the other hand‚ a country is said to have a comparative advantage in the production of a good if it can produce the good at a lower opportunity cost than another country b) The theory of comparative advantage suggests that even though one country is “better” at producing both goods (concerning two countries)‚ these countries
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MCom Part I Economics of Global Trade and Finance Semester I 2012-13 Dr. Ranga Sai Department of Business Economics Kelkar- Vaze College‚ Mumbai-400081 Dr Ranga Sai Vaze College‚ Mumbai Preamble The syllabus of M. Com Part 1 is designed to acquaint the students with the various aspects of International Trade‚ Commercial Policy and Global Finance as well as recent trends and developments in international trade. SEMESTER I Module 1: Commercial policy Tariff and Non tariff
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Given: 1) the cost minimizing output equation Q = 3L1/2 L(Q) = Q2/3 2) the restriction of increasing the output: L/K = 1/4 K = 4L 3) W = $90‚ r = $180 We know that when cost is minimized‚ the total cost in the long run: C(Q) = wL(Q) + rK = wL(Q) + 4rL(Q) = (w+4r)L(Q) = (90+720)Q2/3 = 270Q2 B. (6 pts.) Find the equations for long-run marginal cost (LMC(Q)) and long-run average total cost (LAC(Q)). LMC(Q) = dC(Q)/dQ = 270*2*Q = 540Q‚ LAC(Q) = 270Q2/Q = 270Q. C. (4 pts.) Suppose
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Pharmacy. The pharmacy sold approximately 9 glasses the first day totaling $.45 cents a day average. After John Pemberton passed away in 1888 the company rights were acquired by a business name named Griggs Candler for $2‚300 (The Coca Cola Company‚ 2011). Candler led the way for the innovative product to become a business. He began promoting the product on everyday products so that the logo was everywhere and the aggressive tactic worked. The demand grew so quickly that there three production facilities
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GB540:01 Economics for Global Decision Makers Week 3-Unit 3 Dr. Barbara-Leigh Tonelli May 15 2012 I. Introduction II. Competition for talent A. Recruiting III. Utilizing talent A. Cost B. Fit or fire IV. Ability to find talent A. Steps B. Actions V. Ability to attract talent A. Benefits B. Reputation VI. Ability to retain talent A. Communication B. Opportunities VII
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BUSINESS STRATEGIES AND PERFORMANCE DURING DIFFICULT ECONOMIC CONDITIONS For the Department of Business Innovation and Skills (BIS) John Kitching Robert Blackburn David Smallbone Small Business Research Centre‚ Kingston University Sarah Dixon School of Management‚ Bath University June 2009 URN 09/1031 Contents EXECUTIVE SUMMARY i 1. INTRODUCTION‚ RESEARCH OBJECTIVES AND METHODS 1 2. RESEARCH CONTEXT 1 2.1 Defining Difficult
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suitable according to their abilities and potential. His prime example is the guardians who are the best of the best and‚ thus‚ the rulers of the city. Socrates justifies the political and economic specialization because this will increase efficiency and production of goods and services within the city (370c). Economic production from the craftsmen ushers the commercialization of the city (371e). While commercialization
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Business Economics Course Project - Part 2 Course Instructor De Cossio Prepared by Muhammad Wasiq Rashid (D03521035) Submitted on 5th February 2011 Chapter 16‚ Question 5 Why is frictional unemployment important to have in any economy? Frictional unemployment is the short-term unemployment of people who are changing jobs‚ careers‚ or locations. This category of unemployment includes the jobless who have the skills and competencies to land a job‚ and are in the process of finding
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