Refer to Map 32

question 41

Essay

Refer to Map 32.1 and explain why areas such as Latin America and Africa have the lowest GDPs. Correlate this with the relatively recent events of industrialization and decolonization.

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Definitions:

Property Rights

The legal rights to use, control, and derive benefits from a property or resource, including the right to exclude others from doing so.

Production Possibilities Frontier (PPF)

A curve depicting all maximum output possibilities for two or more goods given a set of inputs, representing the trade-offs of choosing one good over another.

Output Combination

A specific mix of goods and services produced by an economy or firm, reflecting the allocation of resources.

Production Possibilities Frontier (PPF)

A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources), assuming all inputs are fully employed.