A society can consume a combination of goods outside its production possibilities if there is

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22-09-2018
Business

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A society can consume a combination of goods outside its production possibilities if there is

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pristina pristina · Answer 1 · 2018-10-02T19:38:59+02:00

Answer: International Specialization and Trade

Explanation:

Specialization occurs when one country can produce a good with less amount of resources than the other country. When one country has a lower opportunity cost in production of a good, it is said to have a comparative advantage in it. Thus, it will produce the good in which it has a comparative advantage.

So, with trade and specialization the country can achieve a point outside its production possibility frontier.