Explain Why Workers in Developed Countries, Like the United States

question 191

Essay

Explain why workers in developed countries, like the United States, earn more for the same type of work than workers in less-developed countries, such as India.

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Definitions:

The Wealth of Nations

A seminal book by Adam Smith, regarded as the foundation of modern economic theory, which analyzes the nature and causes of the wealth of nations.

Trade

Trade is the action of buying, selling, or exchanging goods and services between people, companies, or countries.

Competition

The rivalry among sellers trying to achieve goals such as increasing profits, market share, and sales volume by varying the elements of the marketing mix: price, product, promotion, and place.

Bulgaria

A country located in Southeast Europe known for its rich history, cultural heritage, and geographical diversity.