There Were Many Hazards Discussed in This Chapter

question 56

Essay

There were many hazards discussed in this chapter. Choose two hazards that you would consider able to cause catastrophe and two that you would not consider catastrophic. Explain your reasoning.

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Definitions:

Scarce Goods

Products or resources that are limited in availability and cannot meet all the demands of consumers.

Comparative Advantage

The ability of a country or firm to produce a specific good or service at a lower opportunity cost than its competitors.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choice.

Specialize

The process of concentrating on and becoming expert in a particular subject or skill, often used in the context of labor and production.