Instructions: Please Define the Following Key Terms

question 58

Short Answer

Instructions: Please define the following key terms.Show Who? What? Where? When? Why Important?
-priesthood of all believers

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Definitions:

Equilibrium

A state in which market supply and demand balance each other, and as a result, prices become stable.

Comparative Advantage

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

Marginal Cost

The cost incurred by producing one additional unit of a product or service.

Opportunities Forgone

The benefits, profit, or value of something that must be given up to acquire or achieve something else.