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Question
What is the major reason underlying trade between nations ?
What is the major reason underlying trade between nations ?
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Solution
The major reasons underlying trade between nations are:
(a) Unequal distribution of natural resources among the nations.
(b) Differences in the productivity levels of the factors of production
(c) Comparative cost advantage to nations to produce a commodity efficiently with their given resources.
The major reasons underlying trade between nations are:
(a) Unequal distribution of natural resources among the nations.
(b) Differences in the productivity levels of the factors of production
(c) Comparative cost advantage to nations to produce a commodity efficiently with their given resources.
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