In Terms of Matter and Resources, the Earth Is Essentially

question 95

Multiple Choice

In terms of matter and resources, the Earth is essentially a(n) ________ system; In terms of energy, the Earth is a(n) ________ system.

• A) closed; closed
• B) closed; open
• C) open; open
• D) open; closed

---

Definitions:

Comparative Advantage

The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than its competitors.

Ricardian Model

An economic theory that focuses on comparative advantage, explaining how countries can gain from trade by specializing in producing goods at a lower opportunity cost.

Production Possibility Frontiers

These are curves that depict the maximum potential output of a combination of two goods or services that an economy can produce with available resources.

Opportunity Cost

Forgoing the benefit of the next preferable alternative comes at a cost during decision-making.