Asked by
Ravinder Singh
on Nov 05, 2024
Verified
________ allow(s) a country to produce on its production possibility frontier and consume outside it.
A) Discovery of new resources
B) Improvements in technology
C) A decrease in population
D) Specialization and trade
Production Possibility Frontier
A curve depicting all maximum output possibilities for two goods, given a set of inputs representing resources or other constraints.
Specialization and Trade
The practice where individuals or entities focus on the production of specific goods or services to trade for others, increasing efficiency and consumer choice.
- Explain how specialization and trade enable countries to consume beyond their production possibilities.
Verified Answer
OG
Learning Objectives
- Explain how specialization and trade enable countries to consume beyond their production possibilities.
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