The correct answer to this open question is the following.
This is a market economy. And we are referring to Switzerland, one of the greatest countries in the world to live and prosper.
A market economy has all the characteristics mentioned in the text above. It allows the competition of many industries with minimum governmental regulation. Prices of products and services are established by supply and demand. That number of industries allows the creation of many jobs and particularly in Switzerland people enjoy a high level of life with minimum poverty.
On the other hand, in a command economy, it is the state which decides what products are to be produced, how many, and the price is fixed by the government that totally controls the production process.
I would probably meet Abraham Lincoln
<u><em>The correct answer is option E:
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The country of Rockonya makes 1 television every 5 hours and 1 car every 20 hours, while the country of Jamonia makes 1 television every 24 hours and 1 car every 12 hours. Rockonya has a Comparative Advantage in making televisions.
<em>A comparative advantage </em>of one country over another in the production of a certain good or service is a special facility with respect to a certain key aspect that the first country has more than the second. In this case, the characteristic to be compared is the greater productivity that Rockonya has in the manufacture of televisions.
<em>An absolute advantage</em> takes into account the quantification of a key aspect for the production of a certain good or service without establishing any comparison with another country.
<em>In the example it would be:</em> Rockonya has a productivity of 1 TV per day.
Answer:
Geography is primarily spatial and environmental and history is temporal. ... Geographical attributes such as river, mountains barriers, landforms, climate phenomena are natural foundations upon which the edifices of human history at any time or in any geographical regions are erected.
