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RE: Importance of exports to the economy
First of all, informative post needless to say, something I would like to add is the implications of comparative advantage defined as:
"Comparative advantage is an economic law referring to the ability of any given economic actor to produce goods and services at a lower opportunity cost than other economic actors."
Thus making export profitable for both X and Y even though X may have an absolute advantage over Y in the good.
Will stay tuned for more, +1.
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