Brazil exports coffee into the common market known as the european union and imports from the european union other products that brazil could produce but at a higher cost than what it costs the europeans to produce. This practice follows the theory of.

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13-09-2022
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Brazil exports coffee into the common market known as the european union and imports from the european union other products that brazil could produce but at a higher cost than what it costs the europeans to produce. This practice follows the theory of.

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devikabalrajan devikabalrajan · Answer 1 · 2022-09-16T09:32:29+02:00

Brazil exports coffee into the common market known as the european union and imports from the european union other products that brazil could produce but at a higher cost than what it costs the europeans to produce. This practice follows the theory of absolute advantage.

What is the theory of absolute advantage?

The concept of absolute advantage was developed by Adam Smith in The Wealth of Nations to show how countries can gain by specializing in producing and exporting the goods that they produce more efficiently than other countries, and by importing goods that other countries produce more efficiently.

Smith argued that it was impossible for all nations to become rich simultaneously by following mercantilism because the export of one nation is another nation’s import and instead stated that all nations would gain simultaneously if they practiced free trade and specialized in accordance with their absolute advantage. Smith also stated that the wealth of nations depends upon the goods and services available to their citizens, rather than their gold reserves.

To learn more about absolute advantage, refer: https://brainly.com/question/13221821?referrer=searchResults

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