SS4E1 - Basic Economic Concepts

Which answer choice is the definition of trade?

• the act of buyers and sellers freely and willingly engaging in market transactions

• the commercial exchange (buying and selling on domestic or international markets) of goods and services.

• basic economic concepts of trade

• a common form of sales promotion in which price reductions are offered to consumers to encourage them to buy a particular product earlier or in larger quantity.

Which answer choice is the definition of opportunity cost?

• the commercial exchange (buying and selling on domestic or international markets) of goods and services.

• dividing labor into specific tasks to reduce the number of jobs done by each person.

• the act of buyers and sellers freely and willingly engaging in market transactions

• basic economic concepts of trade

Which answer choice is the definition of specialization?

• dividing labor into specific tasks to reduce the number of jobs done by each person.

• is computed by dividing average output per period by the total costs incurred or resources (capital, energy, material, personnel) consumed in that period.

• a common form of sales promotion in which price reductions are offered to consumers to encourage them to buy a particular product earlier or in larger quantity.

• basic economic concepts of trade

Which answer choice is the definition of voluntary exchange?

• dividing labor into specific tasks to reduce the number of jobs done by each person.

• is computed by dividing average output per period by the total costs incurred or resources (capital, energy, material, personnel) consumed in that period.

• the commercial exchange (buying and selling on domestic or international markets) of goods and services.

• the act of buyers and sellers freely and willingly engaging in market transactions.

Which answer choice is the definition of productivity?

• basic economic concepts of trade

• is computed by dividing average output per period by the total costs incurred or resources (capital, energy, material, personnel) consumed in that period.

• the commercial exchange (buying and selling on domestic or international markets) of goods and services.

• the commercial exchange (buying and selling on domestic or international markets) of goods and services.

Which answer choice is the definition of price incentives?

• a common form of sales promotion in which price reductions are offered to consumers to encourage them to buy a particular product earlier or in larger quantity.

• the act of buyers and sellers freely and willingly engaging in market transactions

• the commercial exchange (buying and selling on domestic or international markets) of goods and services.

• the act of buyers and sellers freely and willingly engaging in market transactions