0
What else can I help you with?
Under what conditions does a nation have an absolute advantage in the production of a product?
When a nation can use fewer resources to produce the same amount of a product, it has an absolute advantage in the production of that product.
Gross domestic product understates the total production of final goods and services because of the omission of?
household production
What can cause shortages or surpluses of goods and services?
over production can lead to a surplus of goods and/or services, and shortages can occur when demand for a product exceeds the productions of said product
How do households and business firms interact in the product and resource markets?
Households and business firms interact in product and resource markets through the exchange of goods, services, and factors of production. In the product market, households purchase goods and services produced by firms, using their income earned from providing labor or other resources in the resource market. Conversely, firms acquire resources like labor, capital, and raw materials from households to produce the goods and services that they sell. This interdependence creates a cycle of supply and demand that drives the economy.
What is the role of the price system?
In economics, a price system determines the allocation of scarce resources and induces supply to respond to change in demand. It also rations out scarce product, indicates change in want, is in use in the production of goods and services, and determines the reward factors of production.
What is the difference between the fact market and the product market?
The factor market is where resources, such as labor, capital, and land, are bought and sold to produce goods and services. In contrast, the product market is where finished goods and services are exchanged between producers and consumers. Essentially, the factor market deals with inputs used in production, while the product market focuses on the outputs of that production. Together, they form the basis of an economy's functioning, linking production and consumption.
What is Production resources?
a resource based product are those whose production is based on Natural Resources like gold,silver,iron.
What is a product in production?
A product is the end result of production. Production is making something or putting something together. Like 7+4=11. :)
Under what conditions does a nation have an absolute advantage in the production of a product?
When a nation can use fewer resources to produce the same amount of a product, it has an absolute advantage in the production of that product.
What is production development?
It is the development of new or existing services. Services are in fact products. Goods and services are two types of product.
What is the definition of factor of product?
The resources used to produce goods and services.
Distinguish between product markets and factor market?
Product markets are where goods and services are bought and sold, involving transactions between consumers and producers. In contrast, factor markets are where factors of production—such as labor, capital, and land—are exchanged, typically involving businesses seeking resources to produce their goods and services. Essentially, product markets focus on end products, while factor markets concentrate on the inputs required for production.
Gross domestic product understates the total production of final goods and services because of the omission of?
household production
What is a product is biology?
A product is the end result of production. Production is making something or putting something together. Like 7+4=11. :)
What can cause shortages or surpluses of goods and services?
over production can lead to a surplus of goods and/or services, and shortages can occur when demand for a product exceeds the productions of said product
How do households and business firms interact in the product and resource markets?
Households and business firms interact in product and resource markets through the exchange of goods, services, and factors of production. In the product market, households purchase goods and services produced by firms, using their income earned from providing labor or other resources in the resource market. Conversely, firms acquire resources like labor, capital, and raw materials from households to produce the goods and services that they sell. This interdependence creates a cycle of supply and demand that drives the economy.
What is the role of the price system?
In economics, a price system determines the allocation of scarce resources and induces supply to respond to change in demand. It also rations out scarce product, indicates change in want, is in use in the production of goods and services, and determines the reward factors of production.
