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Because countries cannot produce all of the goods/services that it needs, they must(1 point)

Responses

Reduce the need for imports
Specialize and trade on a global scale
Eliminate consumption of scarce goods.
Increase domestic production costs

Specialize and trade on a global scale

Did you know?

Did you know that countries often face the challenge of not being able to produce all of the goods and services they need? To address this, they have a few options. Firstly, they can try to reduce their need for imports by finding alternative ways to meet their needs locally. Secondly, countries can choose to specialize in producing certain goods or services and then trade them on a global scale. This allows them to access the goods they require from other countries in exchange for their own specialized products. Another option is to eliminate the consumption of scarce goods, which are limited in availability. Lastly, countries may decide to increase their domestic production costs as a way to encourage local production and reduce their dependence on imports. These strategies play a crucial role in maintaining the economic balance and growth for countries around the world.