I need help with the following:
Three natural resources and/or products that could be traded abroad based on the principles of comparative advantage for India. Then, determine the potential target market for each one of the selected natural resources and/or products.
I will need help starting:
A 350-500 word paper identifying the comparative advantages of each of the following natural resources for India.
India - Resources: Gems & Jewelry, software, and petroleum
Be sure to cite at least three references.
Let us take each of these products one by one.
1) Gems and Jewellery: India has a significant advantage in terms of exporting gems and jewellery. India is the largest consumer of Gold in the world, as well as possesses the largest industry related to cutting and polishing of diamonds. The ability of the Indian craftsmen, couple with cost advantages and a very strong domestic market for gems and jewellery, makes India a top destination for production of gems and jewellery.
All these factors provide India a distinct comparative advantage in terms of exporting polished gems and jewellery of all kinds from India.
2) Software: India is the leader in information ...
Three natural resources and/or products that could be traded abroad based on the principles of comparative advantage for India.