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  • Card 7 / 14:
    How can there be any economic gains for a country from both importing and exporting the same good, like cars?

    There are a number of possible advantages of intra-industry trade. Both nations can take advantage of extreme specialization and learning in certain kinds of cars with certain traits, like gas-efficient cars, luxury cars, sport-utility vehicles, higher- and lower-quality cars, and so on. Moreover, nations can take advantage of economies of scale, so that large companies will compete against each other across international borders, providing the benefits of competition and variety to customers. This same argument applies to trade between U.S. states, where people often buy products made by people of other states, even though a similar product is made within the boundaries of their own state. All states—and all countries—can benefit from this kind of competition and trade.

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Questions & Answers

what is oligopoly?
Nurina Reply
oligopoly is a small industry were there are few firms(not more than ten firms) each firms are likely to be aware of the action of the other firms
Wani
what is difference macro economy and microeconomic
Chhaya Reply
macro means large and micro means small in macro economics we study about whole economy and in micro economics we study about individuals like individual consumer
Wani
thank you
Chhaya
Please explain me the concept of elasticity.
Jainal
what is Is corve
Chhaya
In simple terms, elasticity is defined as the responsiveness of one variable to another. That is, how a change in one variable affects other variables. With that in mind, price elasticity of demand measures how a change in the price of a given product affects its demand
Amos
elasticity shows how much one variable change due to change in another variable
Wani
acha what is valuable demand
Waseem
where from u wani ruhee
Waseem
what is the difference between disequilibrium in balance of payment and balance of trade?please.
kekde
sorry
Chhaya
what is Is curve
Chhaya
what
Jamaala
what is utility
Jamaala
Waseem wani from ANANTNAG district
Wani
utility means want satisfying power of a good
Wani
what is different economic growth and development
Chhaya Reply
It's simple growth is an quantitative concept and development is an quantitative concept. Example: Economic growth of particular country (GDP, Percapita Income) Development of that country( Literacy level, Human development and all).
Paramasivam
In other words, you age is growth, it can be measure. How much skills and knowledge that your having this is Development, It cannot be measure.
Paramasivam
In that first reply it's just typing mistake I am sorry, Development is an qualitative concept.
Paramasivam
thanks
Chhaya
your welcome.!
Paramasivam
right PM
Avijit
Hearty thank you sir.,
Paramasivam
Hi, Economist., Greetings of the day., This is Paramasivam P., PhD Research Scholar of Economics from India
Paramasivam Reply
hello
KJ
hello
Paramasivam
Yah thanks to everyone., Greetings of the day.!
Paramasivam
hi sir..
Jainal
Your contents are very helpful
Jainal
explain economic growth
STK Reply
what causes demand pull inflation
STK
what causes demand pull inflation?
STK
It starts with an increase in consumer demand
Lalthansanga
economic growth is the stability of money - when there is stability people will help the economy grow
Heather
What is scarcity
frank Reply
What cause demand pull inflation
Randy Reply
Ok
frank
what is meaning of scarcity in urdu
Aarif Reply
scarcity means that there is limited resources but unlimited wants.
Cabdulahi
thanks
Aarif
What is sunks cost
Atim
cost that have already incurred by a firm and cannot be recovered in a future.
Cabdulahi
cost taht cannor be avoided bcz they have already incurred
Mumin
is this in urdu books on mbl of am economice
Arham Reply
it is the total quantity of goods a consumer is willing and able to buy at a particular time. with respect to price
Jeremiah Reply
what is demand
Mohammed Reply
demand is  willingness to pay a price for a specific good or service.
Cabdulahi
difference between change in demand and quantity demanded
Respicious Reply
Change in demand is as a result of increase In price or decrease in price of commodities at a particular time. Quantity demanded is defined as total quantity of goods a consumer is willing and able buy at a given price and at a particular time.
Jeremiah
essay about business cycle
Sarah Reply
utility ka hoti hai.. Concept of utility
Aazim
what are the factors that affect quantity demand for a fairly elastic demand
Dennis Reply
cost of production, weather and climate , increase of population,
Abubakar
What is the seed of the government
Rama Reply
The seed of government in an economy cannot be overemphasized. The seed of government is creating an enabling environment in order for the economy to thrive, which include investment in education,re-distribution of resources etc.
Jeremiah

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Source:  OpenStax, Microeconomics. OpenStax CNX. Aug 03, 2014 Download for free at http://legacy.cnx.org/content/col11627/1.10
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