As Babies,we Learned by Trial and Error

question 15

Multiple Choice

As babies,we learned by trial and error.Through traditional education,we think more like ______.

• A)franchisees
• B)managers
• C)entrepreneurs
• D)collaborators

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Definitions:

Gains From Trade

The benefit that economies and individuals receive from the voluntary exchange of goods and services beyond what they could produce themselves.

Tariff Revenue

Tariff Revenue is the income generated from duties imposed by a government on imported goods, which is often used as a tool for economic policy.

International Specialization

The economic strategy of a country focusing its resources on producing goods and services it can produce most efficiently for exchange with others.

World Price

The international market price of a good or service, influenced by global supply and demand.