The Simple Trade Model Demonstrates That Countries Can Expand Consumption

question 15

Essay

The simple trade model demonstrates that countries can expand consumption by specialising in the production of goods and services in which they have a comparative advantage.In reality we do not see complete specialisation in production.State three reasons why this is case.

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Definitions:

Viral RNA

The genetic material of certain viruses, composed of ribonucleic acid (RNA), which enables them to replicate and infect host cells.

Cardiovascular System

Organ system of humans that consists of the heart and blood vessels; transports blood, nutrients, gases, and wastes; assists in the defense against disease; helps control homeostasis.

Endocrine System

A collection of glands that secrete hormones directly into the circulatory system to be carried towards distant target organs.