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uNoxolo Mnguni
on Oct 26, 2024

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Economists generally believe that a country should specialize in the production of a good or service if the:

A) production possibility frontier is further from the origin than that of any other country.
B) production possibility frontier is closer to the origin than that of any other country.
C) country can produce the product using more resources than any other country.
D) country can produce the product while forgoing fewer alternative products than any other country.

Production Possibility Frontier

A diagram that maps out all possible highest outputs for two commodities, given a predetermined set of inputs and technology.

Specialize

The process by which individuals or entities focus their efforts on a limited range of activities, goods, or services to gain efficiencies and improve performance or output.

Production

Production is the process of creating goods and services through the combination of labor, materials, and technology to meet consumer demand.

  • Examine the advantages that specialization and trade offer in a binary system.
  • Identify how specialization can lead to an increase in overall production and consumption.
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raesheyana gardnerOct 26, 2024
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