Answer to Question #223211 in Microeconomics for melish

Question

if on the production possibility curve show that the particular country is producing a large amount of tertiary goods than the manufactured good, how do we describe them in terns of;

-type of economy

-utilization of resources

-common type of business activity would expect to find in this economy

-distribution of national income(wealth) and

-techniques of production

Answer 1

The type of economy is mixed since both forms of goods are looking for the market as they are considered. The utilization of resources ought to be maximum, since the respective tasks surpass the production within respective premises. They leave the respective manufacturers with tasks to accomplish.