Explain the concept of comparative advantage


Task: Economic opportunities arise from countries which develop industries in which they have a comparative advantage.

Using the country of Japan help discuss and explain the following

1. Explain the concept of comparative advantage.

2. Identify factors of production or technology that are in relative abundance in Japan (remember that labor as a factor of production can be segmented into unskilled, skilled, highly skilled, etc.).

3. According to comparative advantage, in which industries would you recommend the Japan to specialize?

4. Has the Japan specialized in your suggested industries?

5. Are there opportunities for industry specialization that you see unfilled?

Solution Preview :

Prepared by a verified Expert
Macroeconomics: Explain the concept of comparative advantage
Reference No:- TGS02102266

Now Priced at $20 (50% Discount)

Recommended (94%)

Rated (4.6/5)