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 β allows a person, business, or country to in that activity β helps a nation make the most use of its resources ο produce certain goods and services using its most scarce abundant resources ο sell those goods and services and others that they need ο every country can specialize in some kind of and in trade β based on factors such as , mineral resources, and availability of
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