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The following table shows the balance of payments statement of Transylvania in 2013.All the figures are in billions of dollars. Refer to the above data.In 2013, Transylvania imported more products than it exported.
Heckscher-Ohlin Theorem
A theory that explains the existence of a country’s comparative advantage by its factor endowments: A country has a comparative advantage in the production of a product if that country is relatively well endowed with inputs used intensively in the production of that product.
Resource Allocation
The process of assigning and managing assets in a manner that supports an organization's strategic goals.
Resource Constraints
Limitations on the availability of resources, which can restrict output, growth, and efficiency.
Trade Between Two Countries
The exchange of goods and services across international borders between two nations, facilitating access to foreign markets and resources.
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