Economic opportunities arise from countries that develop industries in which they have a comparative advantage.
a. Choose a country other than the one in which you reside. Discuss the following in a report of no more than 1,400-words:
o Explain the concept of comparative advantage.
o Identify factors of production or technology that are in relative abundance in the country you selected (remember that labor as a factor of production can be segmented into unskilled, skilled, highly skilled, etc.).
o According to comparative advantage, in which industries would you recommend the country to specialize? Has the country specialized in your suggested industries? Are there opportunities for industry specialization that you see unfilled?
o What industries does this country currently protect and why? What economic policies does the country use to protect these industries? Could the labor in these industries be retrained?