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Factor Availability and Competitiveness in International Trade - Case Study Example

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This discussion, Factor Availability and Competitiveness in International Trade, will dwell on the topic as to what degree factor availability explains the competitiveness of participants in the global market, whether they be regions or countries, and at what point it no longer provides an effective explanation. …
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Factor Availability and Competitiveness in International Trade
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Download file to see previous pages The large scale version of such a market would be the global market for goods and services. Whereas in a market confined to a single economy, the determinants would pertain to individual firms within an industry, in the global economy the participants are countries and therefore the parameters are different. Conventional theory has it that microeconomic considerations would be relevant for intra-firm competitiveness, but would not be of particular importance in intra-country competitiveness. Rather than microeconomic concerns, macroeconomic dynamics were thought to be the overwhelming determinant in countries’ global competitiveness.
This discussion will dwell on the topic as to what degree factor availability explains the competitiveness of participants in the global market, whether they be regions or countries, and at what point it no longer provides an effective explanation. This essay will, therefore, seek answers on the following discussion points:
The factors of production are the inputs necessary to produce goods and services. A basic economic theory states that there are generally acknowledged four factors of production – land, labor, capital, and entrepreneurs. Of these, the most important factor of production is labor, because the labor force in an economy receives the greatest share of the income generated in that economy. The market for the factors of production is similar to any other market in the economy, but with one distinction: it is an important determinant of economic activity. The demand for each factor of production is a derived demand. This means that what determined the demand of a firm for each factor of production is the result of the firm’s decision to supply the good or service in another market. ...Download file to see next pagesRead More
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