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Why is a nation with abundant resources better off trading than being self-sufficient?
Wiki User
∙ 12y ago
A nation is better off when it produces goods and services for which it has a comparative advantage.
Wiki User
∙ 12y ago
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Why does trade benefit both countries with abundance and countries with few resources?
By specialising in goods which they produce at a lower opportunity cost (comparative advantage), countries can increase their total wealth because they can focus on production they are best at, trading that production to other countries who can produce goods they want for lower prices. When all countries are producing goods most efficiently and trading, everyone is better off, regardless of resource distribution.
How have natural resources influenced europeans economic activity in the past?
they have better wood
What are the benefits of commodity future trading?
The main benefit of commodity future trading is that it will help balance out supply and demand. It will also add a little competition to the markets which will in turn help the consumers get a better price for goods.
Why are some countries more entrepreneurial than others?
Those countries that are more have better resources and an open economy.
How can studying economics help us make better choices about how to use scarce resources?
The study of economics is essentially the study of how to intelligently distribute limited resources in order to best satisfy unlimited wants.
Which of America's characteristics led England to colonize there?
abundant resources and an opportunity for land ownership
What are the good aspects of renewable resources?
Renewable resources are good for the environment. They have clean energy, no depletion of fossil fuels, free and abundant power source, ability to put array anywhere there is light, and the technology is getting much better.
Why Is foreign exchange important to Trinidad and tobago?
because it is used to better the country by trading with our partnering countries. With resources and also money yup that's my answer top that!
Where are better agriculture resources?
where there is maximum possibility of nitrogen compounds there will be better agriculture resources
How does trading fx help make better trades?
trading fx has better rates than most currency exchange companies. the reason for this is because of the volume of trading they do keeps exchange rates down.
Which are better Mario kart trading cards or super Mario galaxy trading cards?
Me personally, Mario kart trading cards but this is up to you.
Which company is better for trading now a days?
Companies dealing with computer software and information technology are better for trading now irrespective of developed and developing countries
Are some uses of resources better than other?
yes some resources are better than other.
How trusted is online trading?
Online trading is not very trusted, due to dishonest people. It is much better to do trading in person, because you know exactly what you are getting.
Is a bear or bull market better for technical stock trading?
I have always had better luck trading in a bull market. You can trade online and save money by not having to hire a broker.
Are Flowering plants by far the most abundant organisms in the plant kingdom?
Yes, flowering plants are the most abundant organisms in the plant kingdom by virtue of their better adaptability.
Advantages of countries having abundant natural resources?
Countries with more natural recources are better able to sustain themselves in the long run. When they use natural recources to cook, fuel automobiles, and heat homes, they use a renewable way which will last for years.
