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In The Wealth of Nations, Adam Smith mentions that very good grapes could be grown in Scotland. However, growing high quality grapes in Scotland would be about 30 times as expensive as purchasing grapes from foreign countries. Some nations are better than others at producing things due to the availability of natural resources and other factors.

With which statement regarding single resource and diversified economies would Adam Smith most likely agree?

Sagot :

Gibbs
In the Wealth of Nations, Adam Smith makes the case for comparative advantage or the production of goods by nations or peoples which they are best at and trading for the goods with a higher opportunity cost. Therefore, he would say that a nation should diversity when it can to use its resources to produce goods and services more efficiently than other nations and also that nations should export and import as many different types of goods as possible. 

Adam Smith made a case for comparing the profit or production of goods by the nations or peoples who were the best of them and to trade goods at a high cost in terms of Wealth of Nations,

Who was Adam Smith?

Adam Smith was a Scottish economist and philosopher who was a pioneer of political economics and an important figure during the Scottish Enlightenment.

Therefore, Adam Smith was saying that a nation should be different in that it can use its resources to produce goods and services more effectively than other nations and they should specialize in the production of goods in which they have.

learn more about Adam Smith, refer:

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