Differences in production efficiencies among nations in producing a particular good result from:

Question

Quizplus · Accepted Answer

All three factors listed can affect a nation's production efficiency. Skilled labor allows for the use of more advanced production techniques and can increase the speed and accuracy of production. Climatic conditions can affect the availability and quality of resources needed for production. Technological knowledge can lead to the development of more advanced production techniques and machinery, ultimately increasing efficiency.

Differences in Production Efficiencies Among Nations in Producing a Particular