Theory 2nd STAGE/ 2nd THEORY Absolute Advantage Smith attacked mercantilist assumption that trade is a zero-sum game by argued that countries differ in their ability to produce goods efficiently. Thus‚ a country has an absolute advantage in the production of a product when it is more efficient than any other country in producing it. Therefore‚ countries should specialize in the production of goods for which they have an absolute advantage & then trade these for goods produced by other
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“Agricultural Incentives in Malaysia: Trends‚ Patterns and Policy Implications”‚ Malaysian Journal of Economic Studies‚ 46(2): 151-173. Balassa‚ B. (1965)‚ “Trade liberalization and Revealed Comparative Advantage”‚ Manchester School of Economic and Social Studies‚ 33: 99-123. Balassa‚ B. (1986)‚ “Comparative advantage in manufacturing goods: a reappraisal”‚ The Review of Economics and Statistics‚ 68(2): 315-319. Bandita Yangdee (2003)‚ “Export Opportunities and the Impacts of ASEAN Free Trade Area for
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Explain the differences between absolute and relative morality (25 Marks) There are numerous differences between absolute and relative morality which people use to base their everyday life choices‚ deciding whether an action is moral or immoral. Absolute morality is the view that actions are deontological‚ paying no attention to circumstances of when an action was performed‚ being a fixed decision‚ with no possibility of alteration. People who believe in this‚ consider consequences equal for all
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n the differences between absolute and relative morality Relativism and absolutism are two ethical theories that strongly differ in beliefs and opinions. A relativist person would believe that there are no absolute universal truths‚ truth is relative to the subject and can differ from person to person and society to society. Relativism considers the outcome of choices; a relativist will generally make decisions based on the likely outcome. On the other hand‚ an absolutist thinker believes that
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Explain the strategies for competitive advantage. The challenge for a marketing strategy is to find a way of achieving a sustainable competitive advantage over the other competing products and firms in a market. A competitive advantage is an advantage over competitors gained by offering consumers greater value‚ either by means of lower prices or by providing greater benefits and service that justifies higher prices. Porter suggested four "generic" business strategies that could be adopted in order
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TOPIC 3 “How does Vietnam apply the theory of comparative advantage?” Vietnam’s comparative advantage in fishery products Team 6 - KT39B Table of contents I. Analytical framework........................................................ 2 1. Revealed Comparative Advantage............................................. 2 2. Applying to Vietnam’s fishery production.................................. 3 II. Empirical results........................................................
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Explain the Platonic concept of Forms. Plato believed that reality is more than what we sense around the world (e.g. taste‚ smell‚ hear‚ see and touch)‚ he believed that behind these physical realities lies a perfect version of them in which he called Forms and that the greatest thing we can learn is to have knowledge and understanding of them. Plato’s theory means that what we can sense around us (for example a chair) is just a mere shadow of the perfect version which exists in the world of Forms
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Explain Christian concepts of love The idea of Christian love as presented in the Bible is mainly based upon the concept of agape love. Agape is the epitome of Christian love. It is an unconditional love for others which expects nothing in return‚ it is both a chosen and committed love. This concept appears in the Bible when Jesus said‚ "By this all will know that you are My disciples‚ if you have love for one another" (John 13:35). This shows us that agape love is the unconditional and abundant
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a) Explain the concept of ‘Irreducible Complexity’. [25marks] The concept of Irreducible Complexity comes from the argument about Intelligent Design. The argument refers to certain features that are present within the universe and within living organisms and where they possibly came from. Those who argue irreducible complexity say that these features are too complex to not have come from design‚ whereas those who argue against irreducible complexity say that it is possible for these complex features
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’How do the writers of the bible explain the concepts of God as creater?’ In the bible there is two main creation stories; genesis one and genesis two. Each of these are very different concepts of God as creater. In genesis one the world is created by God in six days‚ and on the seveneth day God rests. On the first day God created light‚ on the second day God created day and night‚ on the third day God created earth‚ on the fourth day God created sky‚ on the fifth day God created sea and fish
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