Europe is not a country but a continent.
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 to produce. How to produce. and How much to produce.
What to produce. How to produce. and How much to produce.
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.
A point that lies outside a country's production possibilities curve means that the country is not able to produce. The possibility curve shows how a country can efficiently produce.
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
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."
Europe is not a country but a continent.
What to produce. How to produce. and How much to produce.
What to produce. How to produce. and How much to produce.
Oceania is not a country. So that just leaves Australia as the country to produce the most bauxite.
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A country may not choose to produce below it's ppc but the situation in that country derive it to do so
What to produce. How to produce. and How much to produce.
it is a type of country that produce health
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 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.