Short Essay on Comparative Advantage and Trade
Posted by admin in Comparative Law on October 1, 2011
The principle of free trade is based on the law of comparative advantage. The law of comparative advantage states that if countries specialise in producing what they have a relative advantage (lower opportunity cost) then there will be a net gain to society. This essay is an explanation of the difference between absolute and comparative advantage.
Absolute Advantage:
This occurs when one country can produce a good with fewer resources than another. For example if France can produce wine with less resources than the UK, then France should specialise in the production of wine.
· If the UK can produce wheat with less resources then it will have an absolute advantage.
· Therefore UK will specialise in wheat, and France in wine.
· Production will be maximised by each country specializing and then trading, both countries will gain
Comparative Advantage
A country has a comparative advantage over another in the production of a good if it can produce it at a lower opportunity cost. I.e. if it has to forego less of other goods in order to produce it.
· Thus trade between countries can still be beneficial even if one country can produce all goods with less resources. For example a developed country may have an absolute advantage in both computers and cloth. Read the rest of this entry »
Centering on Academic Law Transcription
Posted by admin in Comparative Law on October 1, 2011
Rarely do you hear “academic law transcription” being discussed in specifics. More often than not, those involved in transcription as it deals with academics refer to it in a blanket sense, where it covers all things relating to the academic world.
Thus it’s more commonly referred to as “academic transcription.”
It’s understandable that no real distinction is made in many circles when you consider what “academic transcription” is; the conversion into written or printed form of a spoken language source. This is often generated from group discussions and lectures that take place in the classroom or a seminar environment. It’s also used to relate to the conversion of a hand written source into a different medium such as the digital creation of a thesis or dissertation. More specifically, it’s the transcription of research interviews, lectures and seminars that take place in schools, colleges, universities and other locations where the content is used for academic purposes.
In addition, many corporations, non-profit organizations, law firms, and so forth provide legal training and seminars for their employees, clients, members, and others. You can even find legal topics online at sites such as YouTube. Having transcripts of these seminars, podcasts, and videos for the trainee can be quite useful. Not all recorded materials can be viewed at a later time, and even if available online it can often be more convenient to have transcripts to review at one’s convenience. Read the rest of this entry »