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Table 7-6
Output per hour Production and Production
of work Consumption without Trade with Trade
Estonia and Morocco can produce both swords and belts.Each country has a total of 40 available labor hours for the production of swords and belts.Table 7-6 shows the output per hour of work,the production and consumption quantities without trade,and the production numbers with trade.
-Refer to Table 7-6.If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded,how many belts will Morocco consume?
Fish
Aquatic animals that are primarily gilled and often harvested for food, sport, or aquariums.
Coconuts
Tropical fruits with a hard shell, edible white flesh, and clear liquid inside, often found in coastal regions.
Factor Of Production
An input used in the creation of a good or service; these include labor, capital, land, and entrepreneurship.
Factor Market
The factor market is where services of the factors of production (such as labor, land, and capital) are bought and sold.
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