How would a manufacturer benefit by using fewer scarce resources?
a. The product would be less expensive to produce.
b. The product would better satisfy consumer needs.
c. The product would be popular and readily available.
d. The product would provide a more satisfactory profit.

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Trade allows countries to use national resources more efficiently and enables industries and workers to be more productive. Trade may even allow countries to achieve higher living standards and keep the cost of many everyday products low. Without international trade, most nations would be unable to feed, clothe, and house their citizens at current levels. In fact, some types of food would become unavailable, or obtainable only at very high prices. For example, in Brazil, where coffee beans and sugar cane are readily available, prices on these items would remain low. However, coffee and sugar could become luxury items in countries such as Canada.

For this discussion activity, respond to the following prompts:

Choose one item that is internationally traded (other than the example presented) and hypothesize what would happen if this item were no longer internationally traded.

Identify who has this product, describe how it is currently used, what its current benefit is, and what happens if it is now unavailable.

Be creative with the product you select; it does not have to be an everyday, common product! (300 Words Minimum)

viridianoyster965

Resources are allocated among industries in response to signals sent by both product and resources ...................... . These also indicate which resources would be combined in what way, in the production of a good or service, in order to ..................... production costs, thereby using society's scarce resources most ...................... . A person can increase his income by producing .................... output or by specializing in the production of something for which society is willing to pay a higher price (relative to cost). The ........................ of goods, services and resources are not determined by some government agency, but by countless decisions of individuals about which goods and services to produce and buy.

Which would be least likely to cause the production possibilities curve to shift outward?

A. An invention that requires fewer resources to produce a good.

B. A shift in consumer preferences that causes expansion in the output of one product and a decline in output of other products.

C. A decreased desire for leisure by workers in the economy.

D. An expansion in the man-made productive resources available to the economy as the result of a high rate of investment.