What Are Sources of U.S. Comparative Advantage

question 7

Essay

What are sources of U.S. comparative advantage?

---

Definitions:

Learning Curves

A concept that illustrates how the time taken to complete a task decreases with an increasing number of trials or experiences, due to the increase in efficiency and skill.

Broad Categories

General classifications used to organize various items or concepts into wider groups.

100% Learning Curve

An idealized scenario where individuals or systems instantly achieve full proficiency or efficiency in a new task or process, without any learning time or efficiency improvement curve.

Direct Labour

Consists of work done by employees directly involved in the manufacturing process or providing services, as opposed to indirect labor which supports production.