A Market Exists When

question 292

Multiple Choice

A market exists when

• A) an absolute advantage is achieved by one country.
• B) people exchange money for goods and services.
• C) the cost of production is equated to the price by a government agency.
• D) a physical location is created to facilitate the exchange of personal information about consumer choices.

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Definitions:

External Political Advocacy

Activities conducted outside of an organization to influence political decisions or policies in favor of a particular cause or interest.

Statutory Law

Statutory law consists of laws and statutes that have been enacted by legislative bodies, such as Congress or state legislatures, formally codifying regulations and legal standards.

Public Health

The science and practice of protecting and improving the health of communities through education, policy making, and research for disease and injury prevention.

Common Law

A legal system based on customs and court rulings as opposed to statutory laws, prominently used in the UK and its former colonies.