Reasons as to why international trade occurs and meaning of deficit in the merchandise trade balance Concept Introduction: International Trade: The exchange of capital, goods and services beyond the national boundaries of the country is termed as International Trade. Merchandise Trade Balance: It is the difference between the total imports and exports of the goods of the country. Opportunity Cost : It is the cost in terms of the forgone benefit that a person could have received by choosing an alternative course of action.

Question

If you were put in charge of ensuring that the mining industry in canada becomes more sustainable over the course of the next decade (2025-2035), how would you approach this? Come up with (at least) one resolution for each of the 4 major types of conflict: social, environmental, economic, and political

Answer 1

Question

Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

Chapter 3, Problem 13P

To determine

Reasons as to why international trade occurs and meaning of deficit in the merchandise trade balance

Concept Introduction:

International Trade: The exchange of capital, goods and services beyond the national boundaries of the country is termed as International Trade.

Merchandise Trade Balance: It is the difference between the total imports and exports of the goods of the country.

Opportunity Cost: It is the cost in terms of the forgone benefit that a person could have received by choosing an alternative course of action.

Expert Solution & Answer

Trending nowThis is a popular solution!

See solution

Check out sample textbook solution

Students have asked these similar questions

If you were put in charge of ensuring that the mining industry in canada becomes more sustainable over the course of the next decade (2025-2035), how would you approach this? Come up with (at least) one resolution for each of the 4 major types of conflict: social, environmental, economic, and political

How is the mining industry related to other Canadian labour industries? Choose one other industry, (I chose Forestry)and describe how it is related to the mining industry. How do the two industries work together? Do they ever conflict, or do they work well together?

What is the primary, secondary, tertiary, and quaternary levels of mining in Canada For each level, describe what types of careers are the most common, and describe what stage your industry’s main resource is in during that stage

Answer 2

Question

Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

Chapter 3, Problem 13P

To determine

Reasons as to why international trade occurs and meaning of deficit in the merchandise trade balance

Concept Introduction:

International Trade: The exchange of capital, goods and services beyond the national boundaries of the country is termed as International Trade.

Merchandise Trade Balance: It is the difference between the total imports and exports of the goods of the country.

Opportunity Cost: It is the cost in terms of the forgone benefit that a person could have received by choosing an alternative course of action.

Expert Solution & Answer

Trending nowThis is a popular solution!

See solution

Check out sample textbook solution

Answer 3

Question

Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

Chapter 3, Problem 13P

To determine

Reasons as to why international trade occurs and meaning of deficit in the merchandise trade balance

Concept Introduction:

International Trade: The exchange of capital, goods and services beyond the national boundaries of the country is termed as International Trade.

Merchandise Trade Balance: It is the difference between the total imports and exports of the goods of the country.

Opportunity Cost: It is the cost in terms of the forgone benefit that a person could have received by choosing an alternative course of action.

Expert Solution & Answer

Trending nowThis is a popular solution!

See solution

Check out sample textbook solution

Answer 4

Question

Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

Chapter 3, Problem 13P

To determine