that reduce COGS, SG&A and R&D expenses or by strategies thatincrease value created through differentiation. On the other hand, increasing capital turnover can be achieved by pursuing strategies that reduce amount of capital necessary to generate every dollar of sale. As the above figure shows, Inditex was successful in achieving relatively higher level of ROS and capital turnover. Thatisto sa
not have an absolute advantage. When each country exports the product in which it has a comparative advantage, all the countries engaging in trade would experience an increase in welfare.
Thetheory of ‘comparative advantage’ was a revolutionary idea at that time, and even today, its logic is used to support and promote global free trade.
2. Testing the Ricardian Model: Empirical Analysis
is a caricature, not a realistic photoand can be a simple image or a bizarre fantasy figure, but nowadays it is changing.
Have you heard about virtual avatar? Digital fashion models have been promoted, using the latest in Computer-generated imagery, but these are usually not avatars, since their creators and/or the operators of motion capture systems which are often used to make them move
that? -> 이루어진 평가가 의미를 지니고 있는지, 그리고 그것으로 어떤 의미를 가지는가?
* If we build our risk assessments process toberelatively simple to use, will it produce anything of worth? Alternatively, if we build a comprehensive and complete risk assessment model, will it be so complex as tobe impractical, andtherefore worthless in a different way? ->
of real oil price at time t.(Dubai )
Thismodelis made to see the role of oil price that has an effect on the value ofthe US. By seeing m_t-m_t^*, we expect thatincrease ofrelative money supply ofthe U.S. to Korea will cause depreciation of USD because the value of currency also follows the law of supply and demand so increase in USD money stock will depreciate the value of USD. By seeing