A country with extensive oil resources and the technology of a refinery, for example, will export oil but may need to import clothing. What makes one product less expensive for a nation to manufacture than another? Two factors: resources and technology. Korean toys, Taiwanese electronics and Mexican clothing, to rattle off a few, can often be manufactured or assembled in foreign factories for far less money than if they were made on the domestic front.Īside from cachet items, countries typically export goods and services that they can produce inexpensively and import those that are produced more efficiently somewhere else.
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