this means that it is their main source of income and that they have a lot of it
Production of goods and services.
Countries specialize in producing certain goods for many reasons, but the most common is the condition of the soil and climate.
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.
That is an Economy.
An Economist studies the production distribution and consumption of goods and services
Yes
Production of goods and services.
Countries specialize in producing certain goods for many reasons, but the most common is the condition of the soil and climate.
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.
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.
That is an Economy.
An Economist studies the production distribution and consumption of goods and services
An Economist studies the production distribution and consumption of goods and services
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
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.
An economy is a system for producing goods and services.
In the game of economics, which of the following players use goods and services?