Explain How Specialisation and Comparative Advantage Have Contributed to China's

question 44

Essay

Explain how specialisation and comparative advantage have contributed to China's 'economic miracle'.

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Definitions:

Direct Experience

The knowledge or wisdom gained from personally encountering or undergoing something, as opposed to learning about it from secondary sources.

Risk Seeking

A tendency to engage in behaviors or make decisions that entail known risks in the hope of achieving greater rewards.

Probability Of Loss

The likelihood or chance that an investment will result in a loss rather than a profit.

Positive Outcomes

The beneficial or desirable results achieved following specific actions or processes.