Just minus 2017 by 1942, and the age should be 75
Explanation:
even if the goods are not famous or product which is not good quality then the production gets stoped.
It can be mutually advantageous for two nations to specialize in goods for which they have a relative advantage and then trade with one another. Absolute advantage is the basis of the potential gains from specialization and trade.
<h3>What does it mean for a producer to have comparative benefit?</h3>
Comparative advantage is a requirement of a producer where it is better suited for the production of one good than another good. Good A can be made more efficiently than good B, for example. This comparison is done in terms of the option costs of each good, not in terms of pure production costs.
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Answer: Risky; Uncertain
Explanation:
In making decisions, we are often faced with a lack of certainty which can be categorized into risk and uncertainty.
Risk occurs when an individual in trying to make a decision subjectively judges a task or decision based on incomplete knowledge and information about the task or decision and still able to carry such task by weighing probabilities that may result from the possible outcome of such task
Uncertainty on the other hand is a state in which the individual making a decision does not have the right information to enable him make reasonable and logical approach to probability assessments
Decision-making is perceived as risky within the finding approach, decision-making is thought to be uncertain in the building approach.
Answer:
Hi
The factors of production are the basic elements to produce goods and services to meet our needs. They can be nature, work and capital, but currently, it considers that there are five productive factors, since the three already mentioned have been added, the human knowledge that is incorporated into the work and technology factor, which is incorporated into the capital.
- Natural resources. They are those that are available in nature and are used as raw material (minerals, trees, plants) or as a source of energy (water, oil, wind) in the production of goods.
- Capital. It is the financial resources, such as money, that must be invested in the production of new goods or services. Material resources are also counted as part of the capital factor, it is the set of material goods created by people and used to produce goods or services.
- Job. Most important productive factor and refers to the physical and intellectual effort developed by people, with the objective of intervening in the productive activity. Its effort, its educational level, its technical training and professionalism, as well as its values are essential for the quality of the production process and the success of a company.
Explanation:
