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Low Labor Cost Advantages

Taking into account the wages, working conditions, and job opportunities, is the manufacturing of goods in countries with low labor cost advantageous to developed and developing countries alike? What would be a product manufactured by a developing country?

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Labor costs vary strikingly across the world. Hiring a welder in the United States is very expensive because he has to be paid according to the US living standards. However, hiring a welder in Pakistan for the same job can be extremely cheap, because ...

Solution Summary

This solution discusses low labor cost advantages in developing countries.