Match the following economic and trade theories with the description.

Question

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When economies need to determine the best use of resources
Determines how an economy will benefit from trading with other economies
Graph showing maximum output of goods
Economies should export goods which

Answer 1

Here are the matched economic and trade theories with their corresponding descriptions:

1. When economies need to determine the best use of resources - Opportunity Cost
2. Determines how an economy will benefit from trading with other economies - Comparative Advantage
3. Graph showing maximum output of goods - Production Possibility Frontier (PPF)
4. Economies should export goods which - They can produce at a lower opportunity cost than other economies (This might also refer to Comparative Advantage if it's considered as the statement describing an economic view).

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