Impact of exports agricultural products
If a country exports agricultural products and imports other kinds of goods but conditions within the country change so that the production of those agricultural products is reduced and made more expensive, how can that change increase the country's well-being?
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If a country exports agricultural products and imports other kinds of goods but conditions within the country change so that the production of those agricultural products is reduced and made more expensive. This is a case of demand and supply. Demand is willingness and ability of the consumer to buy the goods at specified price. Law of Demand is that price and demand is inversely related. This means that with an increase in price demand declines and with a ...
Solution Summary
If a country exports agricultural products and imports other kinds of goods but conditions within the country change so that the production of those agricultural products is reduced and made more expensive. Solution discusses the impact of exports agricultural products.