Exhibit 3-5
-Suppose that the price of bananas has been rising while the amount sold has been falling. Which of the following is the best explanation?
Definitions:
Resource Availability
The extent to which inputs required for production, such as raw materials, labor, and capital, are readily obtainable in the economy or market.
Technological Capabilities
The skills, knowledge, tools, and processes available to an individual, organization, or society that enable technological developments or innovations.
Comparative Advantage
The capacity of a person, business, or nation to create a product or offer a service at a reduced opportunity cost compared to their rivals, thereby gaining specialized production and advantages in trade.
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