In the North-South model, how are basic factors distinguished ...

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In the North-South model, how are basic factors distinguished from advanced factors, and what are the implications for growth and development possibilities?
 
  What will be an ideal response?

Question 2

Which of the following is generally not considered to be government regulation of the private sector:
 
  a. price controls
  b. requiring a permit to do business
  c. laws that state the rights of parties to a contract dispute
  d. restrictions on how companies hire and fire labor
  e. all of the above are considered regulation

[Jordin Calloway]

Answer to Question 1

Basic factors include relatively unskilled labor, physical resources, location, and general infrastructure. Advanced factors include education and firm specific human capital, knowledge resources including universities, research facilities, and specialized infrastructure. Trade based on a comparative advantage in primary products may result in limited growth possibilities for a country.

Answer to Question 2

C

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Thanks for the timely response, appreciate it

[Kedrick2014]

TYSM