Table 3-41 ​

question 385

Short Answer

Table 3-41
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-Refer to Table 3-41. Which country has a comparative advantage in producing radios?

Distinguish between contracts that are void, voidable, and enforceable based on legality and public policy.

Recognize the principles behind the liability of parents for their children's contracts and distinguish between contracts for necessaries and non-necessaries.

Identify when a contract can be ratified and the effects of ratification or disaffirmance on the legality of contracts entered into by minors.

Understand the conditions under which a person may be considered to have legal incapacity to enter into contracts and the consequences thereof.

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Definitions:

Computer Software

Programs and operating information used by a computer to perform specific tasks.

Total Revenue

The total income received by a firm from the sale of its goods or services before any costs or expenses are deducted.

Opportunity Cost

The value of the next best alternative that is forgone when making a decision.

Hardware Store

A retail business specializing in selling tools, building materials, and supplies for home improvements, repairs, and maintenance projects.