GEOG 3LT3 Lecture Notes - Lecture 2: Netflix, North American Free Trade Agreement, United States
14 Aug 2015
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Given" opportunity costs means that choices are made on present conditions ofor example, the comparative advantages of a poor (low cost) farming economy will be in agricultural exports ocauses: differences in technology across nations sectors that use a factor (i. e. , land, capital, labour) intensively. Industrial revolution harness power of steam power of production, prior was water, steam gave unlimited supply at cheap cost and can make factory anywhere: uk had comparative advantage in industrial production, how to leverage technology to be successful on a competitive, competitive advantage recognizes the role of policy and scale innovation in creating specialized activities over time ofor example, a poor farming economy may wish to develop industrial exports that require protection from foreign rivals. Export processing zones investment and trading conditions: minimum bureaucracy, subsidized rents, low tax rates, exemptions from tariffs and export duties, reduced / limited environmental legislation win!
