...Basically blab la is a business resolution adopted by the firms to determine if it is financial sound to produce the item or to purchase the item Letters of credit are also used on financial trade to provide the beneficiary with the promise of pay or as a contract for a sale. Cornelio reayna Professor Patrick coolt Principles of Management AMM 103 October 16, 2005 Absolute Advantage and Comparative Advantage According to the classic model of international trade introduced by David Ricardo (19th-century English economist) to explain the pattern and the gains from trade in terms of comparative advantage, it assumes a perfect competition and a single factor of production, labor, with constant requirements of labor per unit of output that differ across countries. The basis for trade in the Ricardian model is the differences in technology between countries. As a result, there are two different ways to describe technology differences: the first method, called absolute advantage, is the way most people understand technology differences; and the second method, called comparative advantage,...
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...iess_Batch4_A-L 5/11/07 11:14 AM Page 1 A–L ABSOLUTE AND COMPARATIVE ADVANTAGE During the seventeenth and eighteenth centuries the dominant economic philosophy was mercantilism, which advocated severe restrictions on import and aggressive efforts to increase export. The resulting export surplus was supposed to enrich the nation through the inflow of precious metals. Adam Smith (1776), who is regarded as the father of modern economics, countered mercantilist ideas by developing the concept of absolute advantage. He argued that it was impossible for all nations to become rich simultaneously by following mercantilist prescriptions because the export of one nation is another nation’s import. However, all nations would gain simultaneously if they practiced free trade and specialized in accordance with their absolute advantage. Table I, illustrating Smith’s concept of absolute advantage, shows quantities of wheat and cloth produced by one hour’s work in two countries, the United States and the United Kingdom. Division of labor and specialization occupy a central place in Smith’s writing. Table I indicates what the international division of labor should be, as the United States has an absolute advantage in wheat and the U.K. has an absolute advantage in cloth. Smith’s absolute advantage is determined by a simple comparison of labor productivities across countries. Smith’s theory of absolute advantage predicts that the United States will produce only wheat (W) and the U...
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...I would divide the elements in the policies of India that were there against Comparative advantage and international trade into three major groups: extensive bureaucratic controls over production, investment and trade; inward-looking trade and restricted foreign investment policies; and conventional confines of public utilities and infrastructure. The former two adversely affected the private sector’s efficiency. The last, with the inefficient functioning of public sector enterprises, impaired additionally the public sector enterprises’ contribution to the economy. Encouraged joint ventures with multinational firms were a move which would have given India a comparative advantage and boosted its international trade. India embraced the path of liberalization in the early nineties. A gradual opening of the economy and withdrawal of trade barriers were the natural offshoots of the policy option hitherto chosen. With the withering away of ‘protectionist’ policies, the trade pattern of India is likely to march in the direction of its comparative advantage. India’s comparative advantage is in labor and resource-intensive items such as textile, yarn and apparel or in technology and science based manufactures such as chemicals, minerals and metal manufactures. India is a major hub for polishing and cutting of diamonds. Low labor costs and a huge workforce have enabled the industry to thrive. Cheap labor costs in India plays a crucial role in protecting the cost benefits of foreign...
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...This paper will go over the theories of absolute and comparative advantage and will also go over the principal aspects of the Bretton Woods agreement and following its demise the decision of the EU (European Union) countries to create a single currency. Let me remind you of the handouts from The Economist (trade Winds and Comparatively Speaking) and the material from Daniels and Radebaugh. I want us today to look carefully at the assumptions underpinning the theory of specialisation [Daniels and Radebaugh pp 176 - 177]. A handout has already been provided. Full employment is one of the central assumptions for these theories of trade to apply. In the world being described by either Smith or Ricardo unemployment as such was probably an unknown phenomenon. Society was largely agricultural and highly stable. People had to work! They had to be employed. And doubtless wage rates adjusted to the point where there was no unemployment as we know it today. But in the world of today the backdrop is very different. How do we deal with that where wage rates are not downwardly adjustable? We have looked at the specialisation argument. This can be seen very differently depending where you are in the argument. Some analysts have throughout history argued that the notion of specialisation into one particular pattern of output ‘fixes’ that pattern. This may very well disadvantage one nation when compared with another. What about the ‘infant industries’ argument. How would you view...
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...could in fact be beneficial to all participants if each country would specialise in the production of goods where it had an absolute advantage in terms of costs. By producing a good cheaper than everyone else and by importing others, a country could immensely gain from international trade. Although revolutionary, Smith’s theory of absolute advantages was not free from flaws. In fact if a country didn't have such advantage in producing a given good it wouldn't have access to trade, or in another words, trade wouldn't occur if country A couldn't be the most efficient in producing good B. In this context and in attempt to improve Smiths’ theory, David Ricardo a British political economist of Portuguese origin, introduced the theory of comparative advantages. In sum Ricardo argued that even if a country didn't have...
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...Detailed Lesson Plan in English 1 (COMPARISON OF ADJECTIVES) Submitted by: ADRIAN R. CAPALAR LANCE M. RELATIVO EUGENE S. JAMIAS Submitted to: MR. ERNESTO P.CADS Detailed Lesson Plan in English I-Objectives During the period, the students are expected to: 1. Use the different forms of comparison of adjective correctly; 2. Enumerate the rules in comparing things.persons and places; 3.Participate in activities relevant to the topic. II-Subject Matter Topic: Comparison of Adjectives Reference: Better English for Philippine High School Josephine Serrano pp.149-151 Materials: Pictures, chalk,visual aids. III-Procedure Teacher's Activities Student's Activities Task 1-Routinely Activities 1.Prayer Let us start our day casting our- selves to the lord.Everybody is invited (the students stand for an opening prayer) to stand for an opening prayer. _________________,Lead the prayer. Let us pray classmate.In the name of the father and the son and of the holy Holy spirit....AMEN 2.Greetings GOOD MORNING CLASS!!! GOODMRNING SIR LANCE You...
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...Brief Lesson Plan in English V (Using 2C2IA Approach) I. Level: Grade 1 II. Objectives a. Identify the new words through its meanings b. Answer wh questions from the story listened to. c. Use the comparative and superlative degrees of objectives. d. Write examples of comparative and superlative degrees of adjectives. e. Sustain interest in giving examples of the degrees of adjectives. f. Respond to the story through the following activities: Group 1: Acting out the ways does Mariang Makiling in showing her kindness to the hunters. Group 2: Tell the revenge of Mariang Makiling. Group 3: Describe Mariang Makiling. g. Get information from the three parts of a paragraph. III. Topic: Using the comparative degrees of objectives. References: English Expressways 5, Language, Evelyn Angeles et.al, pp. 184-199 English 5, Alexes Anne F. Cruz, pp. 184-197 IV. Skill: Listening V. Materials: Flashcards, pictures, laptop, projector VI. Procedure: Pre 1. Present a puzzle and the students are going to arrange the puzzle to form picture. 2. Ask the students on “What did you see in this picture that you have formed?” 3. Ask the students on “What if you have a chance to meet a fairy, what is the thing that you would wish for?” 4. Ask the students if they know the story of Mariang Makiling. 5. Start reading the story. Post Reading The teacher ask question. ...
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...humble always III. Teacher Learning Activities A. Pre-Activities 1. Unlocking of Difficulties well-off guest room househelp boastfulness humble B. Lesson Proper 1. Motivation “Picture Puzzle Game” Distribute picture puzzle in each group. 2. Presentation A. Storytelling: “Rich Richie” Guide Questions: 1. Who are the main characters in the story? 2. What kind of friends does Ara chooses? 3. Where did Richie took Ara? 4. Does Richie helps in their household chores? 5. What did Ara realize after staying at Richie’s house? 3. Discussion Degrees of comparison in descriptive words. POSITIVE | COMPARATIVE | SUPERLATIVE | good | better | best | easy | easier | easiest | POSITIVE DEGREE- is used when simply describing persons or things. COMPARATIVE DEGREE- is used when comparing two persons or things. SUPERLATIVE DEGREE- is used when comparing three or more persons or things. IV. Evaluation Direction: Identify in what degree of comparison is the underlined words in the sentence. ______________ 1. Katherine is smarter than Ana. ______________ 2. Lebron is the tallest player in their team. ______________ 3. Princess is pretty. ______________ 4. Anne is smarter than her sister. ______________ 5. Ina is rich. ______________ 6. Dennis is the happiest student in their class. V. Enrichment...
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...Simple Adverbs: Time, Place, Manner, Degree, Affirmation, Negation Time: Answers the questions WHEN & HOW OFTEN Some common ones are: • now • then • today • tomorrow • tonight • yesterday • annually • daily • fortnightly • hourly • monthly • nightly • quarterly • weekly • yearly • always • constantly • ever • frequently • generally • infrequently • never • normally • occasionally • often • rarely Place: Answer the question WHERE (Often look like prepositions) Some common ones are: about above abroad anywhere away back backwards behind below down downstairs east elsewhere far here in indoors inside near nearby off on out outside over there towards under up upstairs Manner: Answer the question HOW (Often end in “ly”) These are often what I cal;l “3rd grade adverbs.” Some common ones are: accidentally angrily anxiously awkwardly badly beautifully blindly boldly bravely brightly busily calmly carefully carelessly cautiously cheerfully clearly closely correctly courageously cruelly daringly deliberately doubtfully eagerly easily elegantly Degree: Answer how much of, or how little of. (These are the most difficult; they often modify other adjectives or adverbs and are right in front of them. Ex: She is VERY tired.) Some common ones are: almost absolutely awfully barely completely decidedly deeply enough enormously entirely extremely fairly far fully greatly...
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...[pic] Your expectation and our responsibility will ensure you a great success. Subject: English Parts of Speech + Degree Time: 20 min Full marks: 30 Identify the correct parts of speech: 1. He is poor but honest. |(i) |Preposition |(ii) |Conjunction |(iii) |Noun |(iv) |Adjective | 2. She is a beauty. |(i) |Adjective |(ii) |Adverb |(iii) |Noun |(iv) |Pronoun | 3. I water my garden. |(i) |Adverb |(ii) |Verb |(iii) |Noun |(iv) |Adjective | 4. This is the go of the day. |(i) |Noun |(ii) |Verb |(iii) |Pronoun |(iv) |Adjective | 5. He has done bad in the exam. |(i) |Adverb |(ii) |Noun |(iii) |Adjective |(iv) |Interjection | 6. I see a homing bird. |(i) |Noun |(ii) |Adjective |(iii) |Verb |(iv) |Adverb | 7. Something bad will happen to you in future. |(i) |Noun |(ii) |Verb |(iii) |Adjective |(iv) |Adverb...
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...Lesson Plan 1 Comparative and Superlative Degrees of Adjectives High Beginning Level (Community Class) Focus: Speaking and Accuracy Time Limit: 65 minutes March 04, 2008 Background Information This week students are learning how to do shopping. They were taught some shopping vocabulary in the previous lesson and on the current lesson they will practice using these new vocabulary words when comparing two items in a store. The grammar section in the previous lesson was about giving advice, so that is why along with practicing new material, one of the practical exercises in this current lesson will let students review giving advice. Goal: To help students accurately use comparative and superlative forms of adjectives. Objectives: Terminal: Students will learn about comparative and superlative forms of adjectives and appropriately use these forms in conversation. Enabling: 1. Students will learn about comparative and superlative degrees of adjectives. 2. Students will practice creating correct comparative and superlative forms of adjectives describing items in a store. 3. Students will practice using comparative and superlative forms of adjectives and shopping vocabulary...
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...|Centro Educativo Salesianos Alameda |English Department | |“150 años al servicio de los jóvenes” | | English Guide (1st Grade) Comparative & Superlative Adjectives Name: ___________________________________________________________________ I Write the opposite of: 1. Cold 11. Weak 2. Tall 12. Poor 3. Long 13. Silly 4. Pretty 14. Late 5. Good 15. Dry 6. Fat 16. Difficult 7. Young 17. Bad 8. Fast 18. Small 9. High 19. Light 10. Large 20. Exciting II Make comparative sentences. (Short adjectives) 1. Chile – Long – Peru ___________________________________________________ 2. The winter – bad – the fall ___________________________________________________ 3. A cheetah – fast – a lion ___________________________________________________ 4. Arica – dry – Valparaíso ...
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...COMPARITIVE Global Definition: It means relating to the scientific or historical comparison of different phenomena, institutions, or objects, such as languages, legal systems, or anatomical structures, in an effort to understand their origins or relationships. http://www.thefreedictionary.com/comparative Operational Definition: In linguistics, the comparative is a syntactic construction that serves to express a comparison between two (or more) entities or groups of entities in quality, quantity, or degree; it is one of the degrees of comparison, alongside the positive and the superlative. BRAND Global Definition: The American Marketing Association defines a brand as “A name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers. The legal term for brand is trademark. A brand may identify one item, a family of items, or all items of that seller. If used for the firm as a whole, the preferred term is trade name.” http://heidicohen.com/30-branding-definitions/ Operational Definition: Brand, to me, is the identity of a product or service. It’s the name, the logo, the design, or a combination of those that people use to identify, and differentiate, what they’re about to buy. A good brand should deliver a clear message, provide credibility, connect with customers emotionally, motivate the buyer, and create user loyalty. MARKETING Global Definition: Marketing is the process of communicating the value...
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...decisions you have to make. Generally speaking, comparing is showing the similarities, and contrasting is showing differences between two things that are related in some way. For example, you wouldn't compare/contrast reading a book to driving a car, but you would compare reading a book to reading with an e-reader. COMPARING com·pare (kəm-pâr′) v. com·pared, com·par·ing, com·pares v.tr. 1. To consider or describe as similar, equal, or analogous; liken: Is it right to compare the human brain to a computer? 2. To examine in order to note the similarities or differences of: We compared the two products for quality and cost. The article compares the recent recession with the one in the early 1990s. 3. Grammar To form the positive, comparative, or superlative degree of (an adjective or adverb). v.intr. 1. To be worthy...
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...stupendous, unlimited, boundless, cosmic; informalhumongous, whopping, whopping great, thumping, thumping great, dirty great; informalwhacking, whacking great, ginormous "a great expanse of water" antonyms: little, small used to reinforce another adjective of size or extent. "a great big grin" synonyms: very, extremely, exceedingly, exceptionally, especially, tremendously, immensely, extraordinarily, remarkably, really, truly; informaldirty "a great big house" used in names of animals or plants which are larger than similar kinds, e.g. great tit, greater celandine. denoting the larger or largest part of a place. adjective: Great "Great Malvern" (of a city) including adjacent urban areas. comparative adjective: Greater "Greater Manchester" 2. of ability, quality, or eminence considerably above average. "the great Italian conductor" synonyms: prominent, eminent, pre-eminent, important, distinguished, august, illustrious, noble; More celebrated, noted, notable, noteworthy, famous, famed, honoured, esteemed, revered, renowned, acclaimed, admired, well known; leading, top, high, high-ranking, chief, major, main, principal, central; gifted, talented; outstanding, foremost, remarkable, exceptional, highly rated, first-rate, incomparable, superlative, unsurpassed, unexcelled, matchless, peerless, star, arch-; informalmajor league...
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