The Products and Services That People Like and Dislike at Any

question 75

Multiple Choice

The products and services that people like and dislike at any particular time are shaped by

• A) One or two major influences
• B) Usually ten influences
• C) Hundreds of identifiable influences
• D) Hundreds of unidentifiable influences

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Definitions:

Specialization And Trade

A principle whereby individuals, firms, or countries produce a limited range of goods with higher efficiency and trade for other goods they are less efficient at producing.

International Trade

The exchange of goods and services between countries, driven by comparative advantages.

Exports And Imports

The transactions in goods and services where exports refer to selling domestically produced goods or services abroad, and imports are those bought from foreign producers.

Diverse Quantity

A variety in the amount or number of items or elements in a set.