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In what circumstances is an economy said to have a comparative advantage in producing a particular good?
An economy is said to have a comparative advantage in producing a particular good when it can produce that good at a lower opportunity cost compared to other economies. This means that the economy can produce the good more efficiently or with fewer resources, allowing it to specialize in producing that good and trade with other economies for mutual benefit.
What is productive efficiency in economics?
Productive efficiency (also known as technical efficiency) occurs when the economy is utilizing all of its resources efficiently, producing most output from least input
statement that describes an advantage of increased global trade and competition on the US economy?
The United States can focus on producing goods than it can make more efficiently than other countries.
What is the difference between effectively and efficiently in business?
Effectively is doing the right things in producing the intended results. Efficiently is doing the things right using lesser resources in producing the intended results.
What type of economy is based on mining or producing raw materials to be used in foreign industries?
An industrial economy is based on mining or producing raw materials to be used in foreign industries.
In what circumstances is an economy said to have a comparative advantage in producing a particular good?
An economy is said to have a comparative advantage in producing a particular good when it can produce that good at a lower opportunity cost compared to other economies. This means that the economy can produce the good more efficiently or with fewer resources, allowing it to specialize in producing that good and trade with other economies for mutual benefit.
What is efficiency in economics?
Productive efficiency (also known as technical efficiency) occurs when the economy is utilizing all of its resources efficiently, producing most output from least input
What is productive efficiency in economics?
Productive efficiency (also known as technical efficiency) occurs when the economy is utilizing all of its resources efficiently, producing most output from least input
statement that describes an advantage of increased global trade and competition on the US economy?
The United States can focus on producing goods than it can make more efficiently than other countries.
What is the difference between effectively and efficiently in business?
Effectively is doing the right things in producing the intended results. Efficiently is doing the things right using lesser resources in producing the intended results.
What type of economy is based on mining or producing raw materials to be used in foreign industries?
An industrial economy is based on mining or producing raw materials to be used in foreign industries.
What will efficiently provide products?
A market economy with many producers
What will most efficiently provide products?
A market economy with many producers
A system for producing goods and services is called what?
ECONOMY! ;)
What type of economy is based on mining or producing raw to be used in foreign industries?
An industrial economy is based on mining or producing raw materials to be used in foreign industries.
What type of economy is based on mining or producing raw materials to used in foreign industries?
An industrial economy is based on mining or producing raw materials to be used in foreign industries.
What type of economy is based in mining or producing raw materials to be used in foreign industries?
An industrial economy is based on mining or producing raw materials to be used in foreign industries.
