• Absolute cost differences. Adam Smith stated that international trade is beneficial to the trading countries if they enjoy absolute cost differences in the cost of production of the commodity which they specialize. In this case, each country is supposed to specialize in production of commodities which absolute cost advantage, so each country specializes in production of goods based on absolute advantages.
• Equal cost difference. Adam Smith also pointed out that trade is not possible if countries operate under equal difference in cost.
• Comparative cost difference. David Ricardo argued that even if a country has an absolute cost advantage in production of both commodities, it is beneficial for that country to specialize in the production of the commodity it has a greater comparative advantage.
skilled writter answered the question on April 26, 2018 at 16:57
- Outline four benefits of proper filing to an organisation?(Solved)
Outline four benefits of proper filing to an organisation?
Date posted: April 26, 2018. Answers (1)
- Why have banks found it necessary to start customer care department?(Solved)
Why Have banks found it necessary to start customer care department?
Date posted: April 25, 2018. Answers (1)
- Highlight four benefits that would accrue to a firm located near other existing firm.(Solved)
Highlight four benefits that would accrue to a firm located near other existing firm.
Date posted: April 25, 2018. Answers (1)
- Outline four circumstances under which face to face communication may be ineffective.(Solved)
Outline four circumstances under which face to face communication may be ineffective.
Date posted: April 25, 2018. Answers (1)
- Discuss the functions of management accounting(Solved)
Discuss the functions of management accounting.
Date posted: April 24, 2018. Answers (1)
- Explain five characteristics of a good institutional objective(Solved)
Explain five characteristics of a good institutional objective
Date posted: April 24, 2018. Answers (1)
- Describe the measures for internal budget control(Solved)
Describe the measures for internal budget control.
Date posted: April 23, 2018. Answers (1)
- What are the purposes of budgeting in an organization?(Solved)
What are the purposes of budgeting in an organization?
Date posted: April 23, 2018. Answers (1)
- State ways in which one can improve communication competence(Solved)
State ways in which one can improve communication competence.
Date posted: April 23, 2018. Answers (1)
- Explain four barriers of communication within a school(Solved)
Explain four barriers of communication within a school.
Date posted: April 23, 2018. Answers (1)
- Describe the various patterns of communication(Solved)
Describe the various patterns of communication.
Date posted: April 23, 2018. Answers (1)
- Highlight five importance of communication to an organization(Solved)
Highlight five importance of communication to an organization.
Date posted: April 23, 2018. Answers (1)
- Examine the various types of communication(Solved)
Examine the various types of communication.
Date posted: April 23, 2018. Answers (1)
- Describe the two types of decision making(Solved)
Describe the two types of decision making.
Date posted: April 23, 2018. Answers (1)
- Explain the principles of management(Solved)
Explain the principles of management.
Date posted: April 23, 2018. Answers (1)
- “Sources of law is that which may be pointed out as forming the basis of law.” In light of this, name and explain FIVE sources of law in Kenya(Solved)
“Sources of law is that which may be pointed out as forming the basis of law.” In light of this, name and explain FIVE sources of law in Kenya.
BBM 109: BUSINESS LAW
FIRST YEAR FIRST SEMESTER
TOPIC: SOURCES OF LAW IN KENYA
Date posted: April 22, 2018. Answers (1)
- What are the major steps in designing a customer/market driven marketing strategy?(Solved)
What are the major steps in designing a customer driven marketing strategy?
Date posted: April 21, 2018. Answers (1)
- State any three limitations of advertising (Solved)
State any three limitations of advertising
Date posted: April 20, 2018. Answers (1)
- Give four benefits of operating a small scale business over a large scale business(Solved)
Give four benefits of operating a small scale business over a large scale business.
Date posted: April 20, 2018. Answers (1)
- Give sources of capital for a sole proprietorship type of business(Solved)
Give sources of capital for a sole proprietorship type of business.
Date posted: April 19, 2018. Answers (1)