Trade Quiz 7B connexus

Question

1. a state in which human wants are greater than the
resources available to fill those wants.
2. They provide tools that make production more efficient
3. being able to see a new movie
4. making less money
5. For whom to produce
6. Students would be less likely to break the rules,
because punishments have become worse
7. lower prices, increased consumer choice.
8. removing tariffs from imported goods.

Answer 1

1. Scarcity
2. Capital resources
3. Consumption
4. Opportunity cost
5. Allocation of resources
6. Incentive
7. Benefits of competition
8. Free trade