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Author Question: How does the discovery of new resources affect trade patterns around the ... (Read 68 times)

james0929

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on: Jun 30, 2018
How does the discovery of new resources affect trade patterns around the world?

Question 2

Profit is the difference between:
 a. total output and total costs.
  b. total revenue and total costs.
  c. total revenue and total sunk costs.
  d. total output and total sunk costs.
  e. total revenue and opportunity costs.


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guyanai

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Reply #1 on: Jun 30, 2018
Answer to Question 1

Discovery of new resources often change a nation's core competencies and enables it to specialize in newer areas where it was earlier at a disadvantage. This can change established trade patterns between nations.

Answer to Question 2

b


james0929

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Reply #2 on: Jun 30, 2018
Thank you


guyanai

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Reply #3 on: Jun 30, 2018
No problemo


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