As a Result of Specialization and Trade,individuals No Longer Have

question 113

True/False

As a result of specialization and trade,individuals no longer have to make choices about how to spend their incomes.

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Definitions:

Satisfaction

The fulfillment or gratification of a desire, need, or appetite.

Green Beans

Edible green pods from certain cultivars of the common bean, often consumed cooked as a vegetable.

Diminishing Marginal Utility

The principle that as a person increases consumption of a product, there is a decline in the additional satisfaction obtained from consuming one more unit.

Utility

A measure of satisfaction or pleasure that a consumer receives from consuming goods and services.