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| Topic: |
Business
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| Number of pages / Number of words: |
6 / 1676 |
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It can and does change over time. Some businesses find they have enjoyed a comparative advantage in one product for several years only to face increasing competition as rival producers form other countries enter their markets. For a country, the following factors are important in determining the relative costs of production...
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the size and efficiency of the available labor force and the productivity of the existing stock of capital inputs). If an economy can improve the quality of its labor force and increase the stock of capital available it can expand the productive potential in industries in which it has an advantage.
- Investment in research and development (important in industries where patents give some firms significant market advantage)...
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DEFINE THE ECONOMIC PARTNERSHIP AGREEMENT AND DISCUSS THE WAYS IN WHICH BUSINESSES IN THE CARIBBEAN SHOULD ORGANIZE TO TAKE ADVANTAGE OF THIS DEVELOPMENT.
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