Explain what happens when nations don't trade. In addition, explain what happens after they decide to trade
What will be an ideal response?
Without trade, nations are constrained by their own resources and productivity. Trade enables nations to move beyond their previous resource and productivity constraints.
Economics
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Strategies and incentives:
A. work the same whether games are played once or repeated. B. often work quite differently when games are repeated. C. do not change when the game is repeated. D. None of these statements is true.
Economics
If there's an increase in the future marginal product of capital in a large open economy, it causes the current account to ________ and saving to ________.
A. rise; rise B. fall; remain unchanged C. fall; rise D. rise; remain unchanged
Economics