What is an important difference between western europe economies and eastern european economies

Europe bases its economy on different economic activities. Though some of these activities are similar throughout the continent, Western Europe and Eastern Europe tend to have different focus areas. Western Europe bases much of its economic activities on service industries such as banking, trade, finance, and technology. Western Europe also manufactures products such as pharmaceuticals, automobiles, and aerospace crafts and technologies. Eastern Europe tends to focus on consumer goods and food processing. Agriculture and industry are more widespread in Eastern Europe than in Western Europe. Eastern Europe is working to shift its economy from a command economy to a mixed market, and it is beginning to add more and more service industries throughout the region.

levels of production can be increased by technology while holding labor and capital constant, because increased technology makes the production process more efficient. subsequently, the lras curve is almost a vertical line, that can shift to the right, with an increase in technology.

the relationship between the lras curve and the ppc is that both can make the economy could grow. the ppc achieves that when it shifts outward because of more resources or technological advances while the lras curve shifts if more resources are developed or if there are technological advances.

the lras curve is a vertical line at an output level that represents the number of goods and services a nation can produce over a sustained period using all of its productive resources as efficiently as possible with all of the current technology available to it.

the production possibilities frontier (ppf) is a graphical device that is used for economic analysis of production decisions because the ppf measures the maximum possible combinations of two goods that an economy is capable of producing with its currently available resources and technology.