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What was major goal of many African nations is to build and produce goods for their own use?
A major goal of many African nations has been to enhance self-sufficiency by developing local industries and producing goods for domestic consumption. This shift aims to reduce reliance on imports, stimulate economic growth, and create jobs within the continent. By focusing on local production, countries seek to harness their Natural Resources and promote sustainable economic development. Ultimately, this strategy is intended to improve resilience against global market fluctuations and enhance national sovereignty.
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What is A major goal of many African nations is to build and produce goods for their own use?
According to experts, a major goal of many African nations is to build their own industries and produce goods for their own use.
A major goal of many African nations is to build and produce goods for their own use?
factories
How does the nations government choose which public goods and services to produce?
The nation's government choose which public goods and services to produce because its a command market which allow the government to make all the choices.
The principle of each country concentrating on making those goods it can produce most efficiently and buying from other nations those goods it cannot make as efficiently is known as?
Comparative advantage
What commodities are produce how are goods produce and for whom are goods produce?
they let the customers and citizens decide.
What is A major goal of many African nations is to build and produce goods for their own use?
According to experts, a major goal of many African nations is to build their own industries and produce goods for their own use.
A major goal of many African nations is to build and produce goods for their own use?
factories
How does the nations government choose which public goods and services to produce?
The nation's government choose which public goods and services to produce because its a command market which allow the government to make all the choices.
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.
The principle of each country concentrating on making those goods it can produce most efficiently and buying from other nations those goods it cannot make as efficiently is known as?
Comparative advantage
The principle of each country concentrating on making those goods it can produce most efficiently and buying from other nations those goods it cannot make as efficiently is known as .?
Comparative advantage
Which of these terms is defined as the idea of each country concentrating on making those goods it can produce most efficiently and buying from other nations those goods it cannot make as efficiently?
comparative advantage
Did China produce goods?
Yes, China did produce goods.
What commodities are produce how are goods produce and for whom are goods produce?
they let the customers and citizens decide.
How did European nations benefit from their African colonies?
European nations benefited from their African colonies in several ways, including access to valuable natural resources, new markets for their goods, and opportunities for economic and political expansion. Additionally, colonies provided a source of cheap labor and military manpower for the European powers.
Who determines what goods to produce in the economy?
It is the demand and supply which determines the goods and services to produce in the economy.
Reasons for entering international markets?
There are 2 reasons for entering the international market or trade. 1.Absolute advantage :nations have an absolute advantage in proudcing goods. For example the US will produce 150 of x and 200 of Y and the EU will only produce 100 of x and 150 of Y. Here the USA produces more of both goods and has an absolute advantage. 2.Comparative advantage :This is when nations can produce a good with a smaller opertunity cost in comparrisant to its trade rivals.
