If the ratio of price of cloth (PC) divided by the price of food (PF) increases in the international marketplace, then Group of answer choices the terms of trade of cloth exporters will improve. the terms of trade of cloth exporters will worsen. all countries would be better off. the terms of trade of food exporters will improve. the terms of trade of all countries will improve.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; monopolistic competition;

answervulnerability assessment;