Comparative Advantage in the 21st Century Is Based More on Services

question 12

True/False

Comparative advantage in the 21st century is based more on services and their cross border facilitation by telecommunications and the Internet.

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Definitions:

Accrued Salaries

Salaries that have been incurred (earned by employees) but not yet paid by the employer.

Estimated Depreciation

The projection of an asset’s decrease in value over time due to wear and use, used for accounting and tax purposes.

Fees Collected

Revenue generated from charging for services provided, professional services, or through administrative fees.

Fiscal Year

A one-year period that companies and governments use for financial reporting and budgeting, which may not align with the calendar year.