Question 1 (1 point) To start with... (a) In one paragraph or less, describe a p
ID: 1149858 • Letter: Q
Question
Question 1 (1 point) To start with... (a) In one paragraph or less, describe a product that is important and specific to your country or region, and that is produced in your country or region. (If possible, choose a product that you don't expect your classmates to know much about.) Find one newspaper article about this product in your native newspaper (it is OK if the article is not in English) to share with your group. Summarize the information in the article in one or two sentences. (b) In one or two sentences: What resources go into the production of this product? Do other countries or regions compete with you in the production of this product? What production advantages does your country or region possess? (c) What comparative advantages allow your product to be produced domestically especially if it is exported? If it is imported, or only consumed domestically because there it too much competition abroad for it to be exported, what comparative advantages does it lack? In your written response to this question, write the product you thought of. Then, in one or two sentences write down what the comparative advantages of your product are. Also indicate whether your product is exported/imported and/or produced domestically only In one sentence, write down what comparative advantages your product lacks (if any)Explanation / Answer
(a). Wheat: Wheat is a staple in most American's diet. It is produced in almost every state in United States, largest amount bieng produced in North dakota and kansas.Of wheat grown, 50% is used domestically and 50% is exported to over 70 countries.
News article: https://www.voanews.com/a/us-wheat-production-lowest-in-recorded-history/4031636.html
News article is about low production of wheat .Farmers are preferring to produce corn and soyabean over wheat.They are doing so because of less demand and low price of wheat. If price rises then farmers may return producing the crop.
(b).Wheat require right temperature , right soil ,along with seeds and water to grow.
Yes, China, India, Russia and France compete with USA in production of wheat.
USA has best soil and climate for production of wheat.
(c).Americas comparitive advantage is its lage land mass , lots of fresh water , soil and climate. USA consumes wheat and coffe. Brazil is better at producing coffee than America and America has an edge over brazil at producing wheat .So, its better that America produces wheat and export it to brazil. In this way America has comparitive advantage.