A second disadvantage of specialisation and trade is that it may lead to on imports and exports. One country that is now attempting to diversify their economy is .
Question
A second disadvantage of specialisation and trade is that it may lead to on imports and exports. One country that is now attempting to diversify their economy is .
Solution
The statement seems to be incomplete, but I'll try to provide a general answer.
A second disadvantage of specialisation and trade is that it may lead to over-reliance on imports and exports. This can make a country vulnerable to global market fluctuations and changes in demand or supply. If a country specialises too much in a particular product or service, it may become overly dependent on other countries for its needs. This can lead to economic instability if there are changes in the global market.
One country that is now attempting to diversify their economy is Saudi Arabia. The country has traditionally been heavily reliant on oil exports, but is now implementing a plan known as Vision 2030. This plan aims to reduce Saudi Arabia's dependence on oil, diversify its economy, and develop public service sectors such as health, education, infrastructure, recreation, and tourism.
Similar Questions
The first disadvantage of specialisation is that it is based on…
What is the first advantage of specialisation and trade? Complete the statement below.The Theory of Comparative Advantage says that specialisation and trade leads to an increase in global which will increase living
What is one major drawback of economic specialization for countries?A.Countries must trade for essential goods outside of their specialization.B.Countries cannot join international trade organizations like the World Bank.C.Countries are forced to produce a wide variety of different products.D.Countries are required to pay more taxes on their specialized goods.
Complete the statement below.The benefits of specialisation and trade are based on assumptions. If there are increased production costs, trade barriers or costs then output may decrease.
One disadvantage of practicing free trade is that:A.it can prevent countries from specializing in producing specific products.B.it can cut off communication between countries and create diplomatic tensions.C.it can limit the natural resources available to businesses in a country.D.it can encourage countries to weaken environmental protection standards.SUBMITarrow_backPREVIOUS
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.