Studied by 0 people
Looks like no one added any tags here yet for you.
what is comparative advantage?
a country specialises in producing only those goods that can be produced efficiently and at the lowest opportunity cost
what does economies of scale mean?
producing a narrower range of goods and services - means a country can produce in higher volumes and at a cheaper cost per item
what does purchasing power mean?
increasing trade results in increased competition → lower prices → consumers can buy more for their money
what is product dumping?
exporting at a price that is lower in the foreign market than the price charged domestically
what % of umbrellas are still made in China?
70%
where is the centre of China’s umbrella production?
Songxia Umbrella Industrial Park
