0
What else can I help you with?
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.
What must exist before a country can specialize its production?
Before a country can specialize its production, it must first have a diverse range of resources, available technologies, and a stable economy. Specialization is most effective when a country can produce goods or services more efficiently than others, leading to a comparative advantage in the global market. Additionally, a country should have the ability to trade with other nations to fully benefit from specialization.
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 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.
When people specialize in the production of goods and services they can provide at a low cost?
When people specialize in the production of goods and services they can provide at a low cost, it leads to increased efficiency and productivity. Specialization allows individuals or businesses to focus on specific tasks, honing their skills and utilizing resources more effectively. This can result in economies of scale, where the cost per unit decreases as production increases. Ultimately, specialization enhances overall economic output and can lead to lower prices for consumers.
What are the production distribution and consumption of goods and services?
An economy is a system for producing goods and services.
