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An example that combines features above is a country that specializes in
the production of high-tech knowledge products, as developed countries
do, and trades with developing nations for goods produced in factories
where labour is relatively cheap and plentiful, resulting in different
in opportunity costs of production. More total output and utility
thereby results from specializing in production and trading than if each
country produced its own high-tech and low-tech products.
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Jun 13th, 2015
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