Answer to Question #107792 in Microeconomics for mary

Question #107792
Suppose you were an advisor to an underdeveloped nation and were asked to establish a market economy. The leader of this nation assures you that he had the authority to force his citizens to produce those items that would best raise their standard of living. What would your advice be?
Expert's answer

There are many factors that influence a country's development. However, the most important, in my opinion, is the development of our own production. Underdeveloped countries usually specialize in primary production, often it is agriculture, mining and primary processing of minerals. Therefore, first of all, it is necessary to start producing small-scale mechanization means to increase production efficiency.

The next in importance is the establishment of the production of consumer goods, whose share in the country's import is the largest. This will reduce the costs incurred by the country and at the same time increase employment and the total product produced in the country.

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