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What does it mean for a country to specialize in the production of goods and services?
Wiki User
∙ 14y ago
this means that it is their main source of income and that they have a lot of it
Shay Dawg
Wiki User
∙ 14y agothis means that it is their main source of income and that they have a lot of it
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A country's standard of living depends on what?
Production of goods and services.
In order for a country to specialize in production?
Countries specialize in producing certain goods for many reasons, but the most common is the condition of the soil and climate.
If a country has comparative advantage in the production of all goods should it trade?
Yes, since each country can individually specialize in its comparative advantage, the total income for both countries will increase. This is even true if one country has an absolute advantage in the production of all goods.
What is a term for the way a country's people manage money and resources for the production of goods and services?
That is an Economy.
Which person studies the production distribution and consumption of goods and services?
An Economist studies the production distribution and consumption of goods and services
Is it better for a country to specialize in the production of a limited number of goods or to diversify its production?
Yes
A country's standard of living depends on what?
Production of goods and services.
In order for a country to specialize in production?
Countries specialize in producing certain goods for many reasons, but the most common is the condition of the soil and climate.
If a country has comparative advantage in the production of all goods should it trade?
Yes, since each country can individually specialize in its comparative advantage, the total income for both countries will increase. This is even true if one country has an absolute advantage in the production of all goods.
What is a term for the way a country's people manage money and resources for the production of goods and services?
That is an Economy.
Which person studies the production distribution and consumption of goods and services?
An Economist studies the production distribution and consumption of goods and services
Which person studies the production .distribution and consumption of goods and services?
An Economist studies the production distribution and consumption of goods and services
What is the difference between subsistance production and surplus production?
the main difference between surplus and subsistance production are:-subsistance production you only produce or generate enough goods or services for your coutry an with surplusproduction you have sufficient amount of goods for your country an for trading
What are the production distribution and consumption of goods and services?
An economy is a system for producing goods and services.
What does a production possibilities curve how?
production possibilities curve is a graphical representation of alternative combinations of amounts of two goods/services that economy can produce by transferring resources from one good/service to the other.
What best explains the role that labor has in the production of goods and services?
Land,labor, and capital are all resources of production necessary to produce goods and services.
Explain how the production of services differs from the production of manufacturing goods give two example?
In the game of economics, which of the following players use goods and services?
