A Required Element for Specialization to Lead to an Increase

question 171

Multiple Choice

A required element for specialization to lead to an increase in the satisfaction of society's wants is

• A) a capitalist economy.
• B) exchange and trade.
• C) the use of money.
• D) a central plan.

---

Definitions:

Currency Market

Also known as the foreign exchange market (Forex), it's a decentralized global market where currencies are traded, determining the foreign exchange rates for every currency.

Equilibrium

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

Direct Exchange Rate

The amount of domestic currency required to buy one unit of a foreign currency.

Canadian Dollar

The currency of Canada, symbolized by CAD, and often represented by the dollar sign $, or C$ to differentiate it from other dollar-dominated currencies.