The figure below shows the demand (D) and supply (S) curves of cocoa in the U.S.Figure 21.4
-The United States has no comparative advantage in shipping, so a domestic shipping industry has no reason to exist.
Definitions:
Substitutable Products
Goods or services that can be used in place of each other, offering similar benefits and satisfying the same needs or desires of consumers.
Competitive Advantage
A unique attribute or ability that allows an organization to outperform its competitors.
Transferable Technology
Technologies that can be easily adapted and used in various industries or sectors.
Value Chain
The full range of activities that businesses go through to bring a product or service from conception to delivery to the consumer.
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