A Simple Contract

question 10

Multiple Choice

A simple contract:

• A) Is made with good intent
• B) Involves more than two parties
• C) Must be in writing
• D) Can be an oral agreement

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Definitions:

Social System

A complex set of human relationships interacting in many ways within a community or society.

Scarcity

The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

Production Possibilities Frontiers

is a curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, labor, etc.), assuming all inputs are used efficiently.

Great Depression

A severe worldwide economic downturn that took place during the 1930s, starting in the United States, leading to high unemployment and financial instability.