What product does the US have absolute advantage over Costa Rica?

What products does the US have an absolute advantage in?

The United States has an absolute advantage in productivity with regard to both shoes and refrigerators; that is, it takes fewer workers in the United States than in Mexico to produce both a given number of shoes and a given number of refrigerators.

What products does Costa Rica export to the US?

The top export categories (2-digit HS) in 2019 were: mineral fuels ($1.4 billion), electrical machinery ($834 million), optical and medical instruments ($612 million), machinery ($533 million), and plastics ($480 million).

What does the US import from Costa Rica?

U.S. exports to Costa Rica include petroleum products, electrical machinery, optical and medical instruments, machinery, and plastics. U.S. imports from Costa Rica include medical devices, pineapples, bananas, and coffee.

What important products are produced or made in Costa Rica?

Costa Rica’s main exports include:coffee, bananas, pineapples, melons, ornamental plants, sugar, corn, rice, beans, potatoes, dairy, seafood, poultry, beef, timber textiles, clothing, electronic components, microprocessors, food processing, medical equipment, construction materials, plastic products, fertilizer, and, …

Does Mexico have an absolute advantage?

From these data, Mexico has an absolute advantage in the production of both goods.

16.7 Comparative Advantage.

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Tomatoes (1 Kilogram) Beer (1 Liter)
Mexico 2 2

What country has an absolute advantage?

Examples of absolute advantage

China, Thailand, and Vietnam, on the other hand, produce and export low-cost manufactured goods. These three countries have an absolute advantage because of their considerably lower unit labor costs.

What products is Costa Rica known for?

Nowadays, thanks to the rich volcanic soil, Costa Rica is well-known for its gourmet coffee beans with the famous Tarrazú considered among the finest beans in the world. Along with bananas, coffee might just be the most famous Costa Rican export.

What products are imported to Costa Rica?

Costa Rica’s main imports are fuel, electronics, pharmaceuticals and capital equipment. Costa Rica’s main import partner is the United States (52 percent of total imports). Other main partners are: China, Mexico, Japan and Panama.

Does Costa Rica have a comparative advantage?

Economic Complexity of Costa Rica

Costa Rica exports 125 products with revealed comparative advantage (meaning that its share of global exports is larger than what would be expected from the size of its export economy and from the size of a product’s global market).