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Europe is not a country but a continent.

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Alberta Schmitt

Lvl 10
3y ago

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When a country can produce many things but chooses to produce one main thing or just a few things this country is said to be?

When a country can produce many things but chooses to produce one main thing, or just a few things, this country is said to be


What three questions determine a country's economic system?

There are three simple questions an economy of a country must answer. They are "what to produce," "how to produce," and "for whom to produce."


What does the country Europe produce?

Europe is not a country but a continent.


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What to produce. How to produce. and How much to produce.


What are three economic questions that every country must answer?

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What country Oceania or Australia produce the most bauxite?

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What determines what a country can produce?

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What to produce. How to produce. and How much to produce.


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When a country can produce many things but chooses to produce onwe thing is said to be?

When a country can produce many things but chooses to produce only one thing, it is said to have a comparative advantage in that particular good. This means that the country can produce that item at a lower opportunity cost compared to other goods, making it more efficient to specialize in that product.


When one country can produce a product more cheaply than another country. what can this be called?

When one country can produce a product more cheaply than another country this is called comparative advantage. When one country can produce more goods than another using an equal amount of resources, this is called absolute advantage.