Which economic term refers to the situation where one country can manufacture and export automobiles at a lower cost than its competitors? opportunity cost comparative advantage inflation consumer price index (CPI) gross domestic product (GDP)

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03-03-2015
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Which economic term refers to the situation where one country can manufacture and export automobiles at a lower cost than its competitors? opportunity cost comparative advantage inflation consumer price index (CPI) gross domestic product (GDP)

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Greenleafable Greenleafable · Answer 1 · 2017-03-14T10:20:57-04:00

Greenleafable Greenleafable

14-03-2017

Comparative advantage is the ability of any given economic actor (eg a country) to produce goods and services at a lower opportunity cost than other economic actors (eg other countries). This enables the country with the comparative advantage to export the product at a lower cost than its competitors. Therefore, the correct answer is comparative advantage.

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charlottekrist charlottekrist · Answer 2 · 2017-03-14T10:21:00-04:00

charlottekrist charlottekrist

14-03-2017

Comparative advantage is the term.

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Which economic term refers to the situation where one country can manufacture and export automobiles at a lower cost than its competitors? opportunity cost comparative advantage inflation consumer price index (CPI) gross domestic product (GDP)

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