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History, 28.10.2020 16:30 BaileyElizabethRay

Individuals, businesses, and countries must decide how to best use scarce resources. opportunity cost: the value of the best alternative that is when making a decision specialization: efforts on particular kind of activity ❖ allows a person, business, or country to in that activity ❖ helps a nation make the most use of its resources οƒŠ produce certain goods and services using its most scarce abundant resources οƒŠ sell those goods and services and others that they need οƒŠ every country can specialize in some kind of and in trade ❖ based on factors such as , mineral resources, and availability of

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