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Business
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This will lead to optimal utilization of resources in both the countries. Both countries will gain from trade insofar as both of them will get the two sets of goods at the least cost.
Adam Smith explains the concept of absolute advantages in a two-commodity, two-country framework. Suppose Bangladesh produces one kilogram of rice with 10 units of labour or it produces one kilogram of wheat with 20 units of labour...
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Suppose Bangladesh produces one kilogram of rice with 10 units of labour or it produces one kilogram of wheat with 20 units of labour. On the other hand, Pakistan produces the same amount of rice with 20 units of labour and produces the same amount of wheat with 10 units of labour. Each of the countries has 100 units of labour...
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