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The one that enjoys a higher comparative advantage, for instance computers, should form the primary export while textile, whose production has a lower comparative advantage, should be imported from China (Frederking 3). In this paper, I hold a contrary view to Patrick Buchanan by supporting Ricardo’s theory.
Countries chose to engage in international trade with a view of making profits. It would be totally illogical to engage in a business activity where there is no overall profit. As such, the driving force of international trade is the hope of maximizing profits accrued in the production of a given product. In this view, nations engaged in international trade strive to strike a balance by increasing the unit value they gain by exporting a given product. While this takes place, the same country would strive to reduce its engagements in products that do not earn as much profit as the others by the virtue of their production costs. Therefore, in an international trade, a country which exports gains more than that which imports. This is because exporting countries enjoy a favorable balance of payment than those which import (Ritchie 19).
The utility derived from utilizing factors of production differs in the production process of different products. For instance, in the case of computers and textile products, it is evidently cleat that United States of America spends less per unit of factors of production when it concentrates on computers than when it concentrates on textile products. In this sense, U.S. is bound to increase its overall profit if it converts the factors of production used in the manufacture of textile products to the manufacture of computers. As such, textile industry becomes the opportunity cost of production of computers. Similarly, China is bound to increase its profitability if U.S. chooses to concentrate on importing its textile products. As such, free
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The author argues that Chinese did not welcome free market system and capitalist values that emphasizes competition and development. For instance, China first failed to accept and benefit from foreign knowledge when foreigners entered in China. Secondly, China was also unable to initiate an innovation centred and sustainable technology development process by using indigenous traditions and accomplishments.
According to the report editors often work long and irregular hours and depending on the industry, the work might be done alone or in midst of people. ‘While newspaper editors work in loud and hectic surroundings, book and freelance editors may work at home because editing manuscripts requires privacy and quiet’.
A study of 500 new car buyers found customer perceptions of these three dimensions of listening to be strongly linked to trust in the salesperson.There are also benefits within the firm when the practice of listening to customers is emphasized by senior managers.The basic skill of listening involves competence in sensing, evaluating and responding.
31, Issue 3, pp 333-339.
Aim: Cortisol is also known as the stress hormone because of its secretion at higher levels during body’s fight and flight and is responsible for several stress related changes in the body. It is essential to combat stress by inducing
thfully, when afterlife is integrated in any conversation, argument and debates are inevitable for what I consider is an impulse of fear, anxiety and apprehension on what really is their next destination after this worldly life. Dante Alighieri, an Italian poet, wrote an
The collaborative and participatory approach is critical factor which helps to understand and interpret their socio-psychological needs and facilitates their all round development. Parents serve as critical
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Since retrieving information from these clinical databases is challenging, it is advisable for individuals searching information from these databases to use appropriate search strategies to be able to retrieve the right information on the topic of study. Treatment