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Chapter 32: Q. 2FCT (page 727)

What other elements besides soil, climate, and water conditions do you suppose influence whether a region or nation develops a comparative advantage in an agricultural product? (Hint: What other factors of production are involved in producing agricultural goods?)

Short Answer

Expert verified

The areas of the economy are an important economic process those elements required to develop a conceptual framework for purchase.

Step by step solution

01

Introduction

The expression "costs of production" is originated from just a modernist economic standpoint. It unifies preceding theories, such as fascism's conception of worker as an unit of production, together into single word.

02

Given Information

Crude and diamonds, like contrast, might well be harvested and prepared for personal consumption as from ground.

03

Explanation

In capitalist economies, the sovereignty of residents who refinanced or franchised their generating sources have been obligated to be with us. to individuals and institutions. Nonetheless, this is indeed a theory that is rarely witnessed in practice. The management of productive factors, except maybe labor, varied by employment and business framework.

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Most popular questions from this chapter

Why was it more efficient to end the quota? (Hint: Why do you think that people usually accept money in exchanges instead of engaging in barter of one good for another every time they trade?)

Why do you suppose that infant-industry firms that have developed from novel products imports their governments to exact policies aimed at restraining parallel imports.

Understand common arguments against free trade.

Some critics of the North American Free Irade Agreement (NAFTA) suggest that firms outside NAFTA nations sometimes shift unassembled inputs to Mexico, assemble the inputs into final goods there, and then export the final product to the United States in order to take advantage of Mexican trade preferences. What term describes what these critics are claiming is occurring with regard to U.S.-Mexican trade as a result of NAFTA? Explain your reasoning.

Describe ways that nations restrict foreign trade.
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