When A Nation Has A Comparative Advantage In Producing A Product Then In Comparison With Any Other Nation It Can Produce That Product? Comparative advantage is an economy’s ability to produce a particular good or service at a lower opportunity cost than its trading partners. … Comparative advantage suggests that countries will engage in trade
Was India Affected By The British Empire? In fact, the British Empire expanded the most at the time and came to be the largest empire in the world. For instance, throughout the Age of Imperialism, Britain gained influence in the following regions: India, South Africa, Egypt, Australia, Canada, United States and more. What benefits did
Why Do People Specialize In The Production Of Certain Goods Or Services? By specializing in what they produce, workers become more expert at a particular part of the production process. As a result, they become more efficient in these jobs, which lowers the costs of production. Specialization also makes it possible to develop tools and
What Are The Six Factors Of Production? natural resources. everything that is made of natural materials. raw materials. any good used in manufactoring other goods. labour. all physical and mental work needed to produce goods or services. capital. … information. … entrepreneurship. Is money a dynamic factor? Money is considered to be a dynamic factor
When Would Going To A Movie Be A Rational Economic Decision? If we consider only the monetary costs of your choice, a movie ticket might cost $10 and you will only be able to see that movie one time. … As a consumer, you are making an economically rational decision about the costs and benefits.
Which Middle Eastern Country Would You Expect To Have An Economy That Is More Market Based Than Command Based? Which Middle Eastern country would you expect to have an economy that is more market-based than command-based? The country of Saudi Arabia has invested heavily in improving its human capital and physical capital. What is the
Who Wrote An Economic Interpretation Of The Constitution? : the theory that in the last analysis economic factors including especially the level of technology attained by a particular society and the economic relations into which men enter on the basis of that technology exert a decisive influence on the course of political, social, and intellectual
Is Lesotho A Rich Country? Lesotho is a small, mountainous, and landlocked country, surrounded by its much larger neighbor, South Africa. It has a population of about 2.1 million, and nominal gross domestic product (GDP) per capita of $1,118. The World Bank classifies Lesotho as a lower-middle-income country. Is Lesotho a developed or developing country?
Under What Conditions Is It Possible To Increase Production Of One Good Without Decreasing Production Of Another Good? An economy can increase the production of one good without reducing the output of another good if: there are no unemployed resources and the economy is operating within the production possibilities frontier What basic economic questions must
What Does It Mean To The Entrepreneur When Economic Profit Is Zero? Question: What Does It Mean To The Entrepreneur When Economic Profit Is Zero? The Entrepreneur Is Covering All Explicit And Implicit Costs, Including A Normal Profit The Entrepreneur Is Covering All Explicit Costs Only. The Entrepreneur Is Covering All Explicit And Implicit Costs