Answered step by step
Verified Expert Solution
Question
1 Approved Answer
As countries develop, they can no longer keep factor costs low and in order to remain competitive, they have to now improve efficiency and productivity.
As countries develop, they can no longer keep factor costs low and in order to remain competitive, they have to now improve efficiency and productivity. Their ability to do so drives the competitiveness of their economy at this stage of development more than the basic factors do. In other words, these countries say to the world market, "I can process resources more efficiently and hence do it cheaper". One could say these countries are an example of: Question 20 options: A) innovation-driven economies. B) efficiency-driven economies. C) marketing-driven economies. D) factor-driven economies
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started