The Ability of One Person or Nation to Produce a Good

question 53

Multiple Choice

The ability of one person or nation to produce a good at a lower resource cost than another is called a(n)

• A) market advantage.
• B) comparative advantage.
• C) absolute advantage.
• D) specialization advantage.

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Definitions:

Ascribed Status

Social status that is assigned at birth or assumed involuntarily later in life, not based on personal achievements or abilities.

Status Recognition

is the acknowledgment or esteem received from others because of one’s position, achievements, or qualities.

Prestige Status

A social standing that denotes respect, admiration, or significance within a particular context or community.

Means Of Production

The physical, non-human inputs like factories, machinery, and tools used in the production process to generate economic value.