factories
According to experts, a major goal of many African nations is to build their own industries and produce goods for their own use.
The nation's government choose which public goods and services to produce because its a command market which allow the government to make all the choices.
Comparative advantage
they let the customers and citizens decide.
It is the demand and supply which determines the goods and services to produce in the economy.
According to experts, a major goal of many African nations is to build their own industries and produce goods for their own use.
The nation's government choose which public goods and services to produce because its a command market which allow the government to make all the choices.
They benefit by using the money they earn to buy goods and services they cannot produce as efficiently.
Comparative advantage
Comparative advantage
Yes, China did produce goods.
comparative advantage
they let the customers and citizens decide.
It is the demand and supply which determines the goods and services to produce in the economy.
There are 2 reasons for entering the international market or trade. 1.Absolute advantage :nations have an absolute advantage in proudcing goods. For example the US will produce 150 of x and 200 of Y and the EU will only produce 100 of x and 150 of Y. Here the USA produces more of both goods and has an absolute advantage. 2.Comparative advantage :This is when nations can produce a good with a smaller opertunity cost in comparrisant to its trade rivals.
What goods and services will be produced?How will the goods and services be produced?Who will get the goods and services?How will the system accomodate change?
Canada is one of the wealthiest of the world's nations. Its economy is dominated by the service industry, with logging and oil production serving major roles as well.