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What else can I help you with?
What people are creating when they make resources for producing other goods and services?
Capital
When is an economy producing efficiently?
getting the most goods and services from the available resources
What does monetary trade mean?
exchanging goods and/or services with the use of money
What are three factors of production?
Factors of production are the resources used in producing goods and services. The three factors of production are land, capital and labor.
Why do countries differ in their capacities to produce different goods and services?
Due to there capabilities by there natural resources and labor.
What people are creating when they make resources for producing other goods and services?
Capital
When is an economy producing efficiently?
getting the most goods and services from the available resources
How can using resources for growing food or producing others goods and services affect the environment?
it replaces people
Definition and Examples of International Business?
International business refers to exchanging good and services with individuals and businesses in multiple countries. Walmart is a perfect example of international business because this company exports and imports a lot of products and services.
What describes the law of comparative costs?
The law of comparative advantage states that countries should specialize in producing goods and services in which they have a lower opportunity cost and trade with other countries to maximize overall production and benefit all parties involved. It is based on the principle that countries can improve their economic welfare by focusing on what they do best and trading for goods and services they are less efficient in producing.
What does monetary trade mean?
exchanging goods and/or services with the use of money
How did Egyptians trade?
By exchanging goods and services - money had not been invented.
Why is primary sector important to a country's economy?
The sector of an economy making direct use of natural resources. This includes agriculture, forestry and fishing, mining, and extraction of oil and gas. This is contrasted with the secondary sector, producing manufactures and other processed goods, and the tertiary sector, producing services. The primary sector is usually most important in less developed countries, and typically less important in industrial countries.
What is comparitve advantage?
Comparative advantage is an economic principle that states that countries should specialize in producing goods or services in which they have a lower opportunity cost compared to other countries. This allows for more efficient allocation of resources and increases overall productivity. By focusing on what they produce most efficiently, countries can benefit from trade and increase economic welfare for all involved.
What are three factors of production?
Factors of production are the resources used in producing goods and services. The three factors of production are land, capital and labor.
What is the economic system?
The Economic System are the means by which countries and governments distribute resources and trade goods and services.
Why do countries differ in their capacities to produce different goods and services?
Due to there capabilities by there natural resources and labor.
