Final answer:
Advanced factors of production identified by Porter include technological innovations and venture capital investment. These play a critical role in enhancing a country's economic competitiveness and comparative advantage in global markets.
Step-by-step explanation:
Two examples of advanced factors of production as identified by Porter are technological innovations and venture capital investment. Technological innovations pertain to the modernization and improvement in production processes, equipment, and software that enhance the efficiency and productivity of firms. Venture capital investment is a form of financial investment that is often directed towards start-ups and high-risk ventures with the potential for significant growth and return, exemplifying the dynamic and speculative element of capital in economic development.
These factors play a significant role in enhancing a country's comparative advantage by developing goods or services in a more cost-effective manner. For example, the tech industry in California greatly benefits from the presence of numerous venture capitalists willing to invest in innovative ideas and technologies, contributing to the state's economic strength. Similarly, the U.S. dominance in high-tech capital equipment shows how technological changes and advanced capital can lead to increased net exports and economic growth.