Factor endowments, which refer to the natural and human resource repertoires, were noted by:
A) Michael Porter
B) Heckscher-Ohlin
C) Adam Smith
D) Raymond Vernon

Question

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The concept of factor endowments, which refers to the availability of natural and human resources in a country, was first introduced by the Heckscher-Ohlin model in economics. Michael Porter is known for his work on competitive advantage, while Adam Smith is known for his ideas on free trade and the division of labor. Raymond Vernon is known for his product life cycle theory. Factor endowments were first noted by Heckscher-Ohlin in their theory of international trade based on comparative advantage. Michael Porter expanded upon this theory in his study of competitive advantage, while Adam Smith focused more on the division of labor and specialization in trade. Raymond Vernon's product life cycle theory is unrelated to factor endowments.

Factor Endowments, Which Refer to the Natural and Human Resource