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Suppose there are four factors of production (skilled labor, unskilled labor, land, and capital). Suppose there are 4 countries in the world (North, South, East,
Suppose there are four factors of production (skilled labor, unskilled labor, land, and capital). Suppose there are 4 countries in the world (North, South, East, and West). The endowments of each factor for each country along with their national incomes are provided in the table. All numbers are expressed as percent of world totals Which countries are defined as abundant in which factors of production? Skilled Labor Unskilled Labor Land Capital North 45 10 30 35 South 15 30 30 10 East 15 20 20 50 West 25 40 20 5 National Income 40 20 25 10
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