Specialization of Labour Led to Greater Efficiency in the Allocation

question 33

Multiple Choice

Specialization of labour led to greater efficiency in the allocation of resources because of

• A)the opportunity cost of labour increased.
• B)the principle of comparative advantage.
• C)an increase in total work effort.
• D)greater reliance on self- sufficiency.
• E)the use of barter.

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Definitions:

Consumer Purchase Decision Process

The stages a consumer goes through before, during, and after making a purchase, including recognition of need, information search, evaluation, purchase, and post-purchase evaluation.

Sociocultural Influences

Factors that affect consumer behavior and trends, which include social, cultural, and ethnic backgrounds.

Consumer Purchase Decision Process

The stages a buyer goes through, including need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior.

Self-Preservation

The natural or instinctive tendency to act in a manner that ensures an individual's survival and well-being.