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Macro 1.3-Advantage and Trade Basic Skills Check

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Last updated 9 months ago
2 questions
1
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Question 1
1.

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Question 2
2.

Please match the correct term to complete the statement.

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Please match the definition with the term.
greatest output of goods and services through the best use of resources
efficiency
the basic economic condition of all goods and services
factors of production
representation of the possible ways an economy could use resources
shortage
temporary lack of one or more goods
opportunity cost
the line that shows different production possibilities for an economy
production possibilities frontier
land, labor, and capital
trade-offs
the most attractive alternative that is given up when an economic decision is reached
production possibilities model
all the possible alternatives that are rejected when a choice is made
scarcity
A system of exchange in which products are traded directly for other products is ______________________________.
market forces or market competition
______________________________ assure resource owners that they have the use of their resources and are free to supply those resources to the highest bidder.
specialization
According to Adam Smith, although each individual pursues his or her self-interest in a market economy, the “invisible hand” of ______________________________ promotes the general welfare.
opportunity cost
According to the law of comparative advantage, the worker with the lower ______________________________ of producing a particular output should specialize in that output.
barter
______________________________ occurs when individual workers focus on single tasks, enabling each worker to become more efficient and productive.
division of labor
The ______________________________ organizes the production process so that each worker specializes in a separate task.
property rights