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Assignment prompt: Define Comparative Advantage and provide an example of a good/service that the U.S. produces because it has a comparative advantage compared to another
Assignment prompt:
- Define Comparative Advantage and provide an example of a good/service that the U.S. produces because it has a comparative advantage compared to another country.
- Go to theCIA World Factbook https://www.cia.gov/library/publications/the-world-factbook/(Links to an external site.)
- and choose a country other than the United States.
- Do some research and explain what goods and services your country specializes in producing and exporting (the data you need will be in the Economy link).
- Explain why this country has a comparative advantage in producing these goods and services compared to another country and why.(check the other links on the website, like Geography, etc., to determine why they have a comparative advantage in these goods/services.Be sure to provide concrete examples and analysis = what exactly gives these countries a comparative advantage in production of these goods?)
- What kinds of goods and services is this country most likely to import from other countries? Why doesn't this country produce these goods on their own?
- Lastly, explain how this country benefits from trade.
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