It is important for Latin America to diversify it's economy because for one thing, L.A. wouldn't have to take the risks of a failed business by relying on one crop or resource. Another reason is that more diverse crops or resources brings in a steady amount of money with varied products, and L.A. would be taking their chances by just relying on one crop/resources.
Compare and Contrast strategies for allocating scarce resources, such as by price, majority rule, contests, force, sharing lottery, authority, first-come-first served, and personal characteristics.
Allocative efficiency represents the most efficient allocation of scarce resources for an economy in the sense that, for any combination of scarce resources, the production of goods and services that occurs is most valued by society.
<em>Hope</em><em> </em><em>it</em><em> </em><em>helps</em><em> </em><em>uh</em><em>!</em><em> </em>
