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Q: Both goods and services are counted as part of a nation's wealth?
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Is the study of how goods services and wealth are produced?

Economics is about the production and distribution and ownership and taxation of goods, services, and wealth.


How do nations obtain goods and services for which they lack adequate resources?

by trading with other nations to get what they need.


What is wealth effect mechanism of monetary policy?

The wealth is a collection of property, money and finally, goods and services that a person possesses as assets.


What was nations wealth defined as under mercantilism?

the amount of gold, silver, and tradable manufactured goods it controlled


What was Under mercantilism a nations wealth was defined as?

the amount of gold, silver, and tradable manufactured goods it controlled


What was the nations wealth under mercantilism defined as?

the amount of gold, silver, and tradable manufactured goods it controlled


How do nations benefit from producing goods and services they have a comparative advantage in supplying?

They benefit by using the money they earn to buy goods and services they cannot produce as efficiently.


What types of goods and services are counted when GDP is measured?

your momas goodes <3 and bishop stop singin....


Under mercantilism a nations wealth was defined as?

the amount of gold, silver, and tradable manufactured goods it controlled.


Is Adam smith in favor of free trade?

Yes, Adam Smith is known for advocating free trade in his seminal work "The Wealth of Nations." He believed that free trade allows nations to specialize in producing goods and services where they have a comparative advantage, leading to overall economic growth and prosperity.


When market governments decide how to distribute wealth money goods and services what basic economic question are they answering?

Markets or governments make economic decisions about how to most efficiently convert their resources into goods and services. The basic economic question that is being answer is how to produce.


How does the nations government choose which public goods and services to produce?

The nation's government choose which public goods and services to produce because its a command market which allow the government to make all the choices.