How Many Relationships Did Confucius See as the Basis of Society

question 75

Multiple Choice

How many relationships did Confucius see as the basis of society?

• A) One
• B) Three
• C) Five
• D) Seven

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Definitions:

Gains From Trade

The extra output that trading partners obtain through specialization of production and exchange of goods and services.

Comparative Advantage

The ability of an entity to produce a good or offer a service at a lower opportunity cost than its competitors, leading to more efficient international trade.

Domestic Opportunity Cost

The cost of forgoing the next best alternative use of resources within a particular country when choosing one economic action over others.

Comparative Advantage

The ability of an individual, firm, or country to produce a certain good or service at a lower opportunity cost than others.