Factor Proportions Theory and Market Economy
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What does the factor proportions theory have to say about a nation's imports and exports?
Define what is meant by market economy and identify its three required features.
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The expert examines factor proportion theory and market economy.
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Factor proportions theory says that a nation will export what it can produce from its resources as long as they are abundant and inexpensive. The factors that are not will create a nation's need to import products. In other words, if a country can grow wheat in abundance and ...
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