Question

i) difference in the endowments of factors
of production between countries, and
ii) differences in the factor proportions
required in production.​

Answer 1

Explanation:

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Answer 2

Answer:

As a result of the differences and variation in a country's endowments, factor endowment theory states in economic reasoning that these different breakdowns of capital to labor will determine a country's comparative advantage and what to manufacture or specialize an economy on.

I)A comparative advantage exists when the opportunity cost of specialization is lower than that of other nations. The existence of a comparative advantage is, in turn, affected by things such as abundance, productivity, cost of labor, land, and capital. Other factors also might influence a country's comparative advantage in practical terms, such as a highly developed financial system or economies of scale.

ii) Factor Intensity in Production

Technology determines the way labor and capital combine to form a product. Different products require different proportions of these two factors of production. ... The theory assumes that the same technology of production would be used for the same goods in all countries.

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