Final answer:
The assertion that labor costs, resource availability, and know-how vary globally is true and directly impacts comparative advantages between economies. These differences can influence education, knowledge bases, value chain portions, economies of scale, and the types of resources that can be produced or extracted effectively.
Step-by-step explanation:
The cost of labor, the availability of natural resources, and the level of know-how do indeed vary greatly around the world, and this is true. Such variations can be a source of comparative advantage for different economies. For instance, economies can benefit from the education of workers, the knowledge base of engineers and scientists, involvement in specialized segments of a value chain, and economies of scale. Moreover, geographic and climatic conditions affect the ability to produce certain natural resources, like the examples given of milk production in the U.S. and garment production in Bangladesh. Labor availability and conditions, such as the high concentration of laborers in Asia and the Pacific, where salaries tend to be lower, also play a significant role in global trade patterns and economic development.