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In: Business and Management

Submitted By dubrishsr
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As you read the text chapter, explain the following concepts and their implications for international trade.

Absolute Advantage

Comparative Advantage

Product-Life Cycle Theory

You will prepare a two-page Position Paper answering these questions. Explain each concept and its

practical implications for international trade in the year 2010. The concepts will be constructed from the

textbook (there are concrete answers). The implications will include your own opinions based on what

you have read and analyzed. Your instructor will look for clear analysis, valid conclusions and solid

recommendations for each concept and implication

Purpose; Explain concepts and implications for international trade.

Absolute advantage, A country has an absolute advantage in the production of a good relative to another

country if it can produce the good at lower cost or with higher productivity. Absolute advantage compares

industry productivities across countries. A country has an absolute advantage over another in producing a

good, if it can produce that good using fewer resources than another country. For example if one unit of

labor in India can produce 80 units of wool or 20 units of wine; while in Spain one unit of labor makes 50

units of wool or 75 units of wine, then India has an absolute advantage in producing wool and Spain has

an absolute advantage in producing wine. India can get more wine with its labor by specializing in wool

and trading the wool for Spanish wine, while Spain can benefit by trading wine for wool. (Adam Smith,

Wealth of Nations, Book IV, Ch.2.) The benefits to nations from trading are the same as to individuals:

trade permits specialization, which allows resources to be used more productively.

Implications. Absolute advantage can and will be very beneficial for nations that are able to take

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