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Why does it make sense to trade with other nations?
A nation will produce what it can produce most efficiently and effectively and buy from other nations what they can produce most efficiently and effectively.
Advantages of bilateral trade?
a nation should produce and sell goods to other countries that it produces most efficiently and buy goods produced more efficiently by other countries
Which of these is used to produce goods for people to buy?
resources...
Why is ppc convex to origin?
because all factors of production cannot be equally efficiently be used to produce one product than the other...
Adam smith developed the theory of what in 1776?
Absolute Advantage - an economic theory that holds when a nation can produce a certain type of good more efficiently than others countries, it will trade with countries that produce other goods more efficiently.
Why does it make sense to trade with other nations?
A nation will produce what it can produce most efficiently and effectively and buy from other nations what they can produce most efficiently and effectively.
Advantages of bilateral trade?
a nation should produce and sell goods to other countries that it produces most efficiently and buy goods produced more efficiently by other countries
How do nations benefit from producing goods and services they have a comparative advantage in supplying?
They benefit by using the money they earn to buy goods and services they cannot produce as efficiently.
Which of these is used to produce goods for people to buy?
resources...
What is the term used to describe the ability to produce a specific product more efficiently than any other nation?
Absolute Advantage
What variance is best for measuring operating performance?
Efficiency variance can be a good metric because it measures how efficiently inputs were used to produce output.
Why is ppc convex to origin?
because all factors of production cannot be equally efficiently be used to produce one product than the other...
What are capitalized goods?
CAPITAL GOODS include machinery and tools which are used to produce other products for consumption.They are also refferd as 'means of production' or producers' goods!Capital goods are used to produce other goods and services more efficiently
What types of products do manufacturers buy?
Manufacturers --Manufacturers produce products to be sold at a profit. They buy products and services that are directly used in the products they produce or are consumed in the general operations of the firm.
Adam smith developed the theory of what in 1776?
Absolute Advantage - an economic theory that holds when a nation can produce a certain type of good more efficiently than others countries, it will trade with countries that produce other goods more efficiently.
Why did they use chopsticks?
People used chopsticks because they were easy and cheap to produce and buy.
Which describes the resource when the benefit of its use is greater than the opportunity cost?
being used efficiently <3
