Question

Does Adams economic theory, division of labor, coincide with the absolute and comparative advantage and why?

Does Adams economic theory, division of labor, coincide with the absolute and comparative advantage and why?

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The division of labor means specialization of labor according to their skills and breaking down the labor force into smaller units, to ensure higher level of efficiency.

The theory of absolute and comparative advantage states that countries should trade goods in which they have specialization to increase efficiency in international trade.

Division of labor deals with specialization of labor whereas absolute and comparative advantage deals with specialization of goods and services.

So,it can be said that the two are similar in their own sense and coincide with one another.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Discussion Questions: What is absolute advantage in trade theory? What is the comparative advantage on international...
Discussion Questions: What is absolute advantage in trade theory? What is the comparative advantage on international trade? How does absolute and comparative advantage lead to specialization? What are the benefits of comparative advantage?
What are absolute advantage and comparative advantage? Why will resources specialize according to their comparative advantages?...
What are absolute advantage and comparative advantage? Why will resources specialize according to their comparative advantages? Why will this specialization increase production? Why will specialization increase trade?
Establish the differences between mercantilism, absolute advantage, comparative advantage, heckscher-ohlin theory, monopoly, and oligopoly.
Establish the differences between mercantilism, absolute advantage, comparative advantage, heckscher-ohlin theory, monopoly, and oligopoly.
Why is comparative advantage rather than absolute advantage the basis for trade?
Why is comparative advantage rather than absolute advantage the basis for trade?
What is absolute advantage? What is comparative advantage? Is it necessary to have absolute advantage in...
What is absolute advantage? What is comparative advantage? Is it necessary to have absolute advantage in order to have comparative advantage?
What is the difference between absolute and comparative advantage? If Country A has an absolute advantage...
What is the difference between absolute and comparative advantage? If Country A has an absolute advantage in computers and food over Country B, Country A has a comparative advantage in computers and Country B has a comparative advantage in food, what should happen in terms of specialization and trade?
explain one of the economic concepts: International trade Comparative advantage Absolute advantage Production possibilities curve Exports...
explain one of the economic concepts: International trade Comparative advantage Absolute advantage Production possibilities curve Exports and imports International specialization Gains from trade Barriers of trade: Tariffs and quotas Foreign exchange Flexible exchange rate Fixed exchange rates
1) Make a comparative between Oman & Bahrain in the absolute advantage and comparative advantage, can...
1) Make a comparative between Oman & Bahrain in the absolute advantage and comparative advantage, can be implemented: 1) Cars 2) Petroleum 3) Computers 4) Pharmaceuticals 5) Gold - Discuss the likelihood that Oman & Bahrain would enjoy an absolute advantage, a comparative advantage, or no particular advantage of each of the above products
Economic studies on the theory of comparative advantage have Only used one data source Confirmed that...
Economic studies on the theory of comparative advantage have Only used one data source Confirmed that the theory works Had very mixed results in supporting the theory Been unable to provide support for the theory
what are the theories of comparative advantage and absolute advantage? Given examples.
what are the theories of comparative advantage and absolute advantage? Given examples.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT