Match the Term with the Appropriate Phrase

question 61

Multiple Choice

Match the term with the appropriate phrase. You may use each answer once, more than once or not at all.
-solar system

• A)the Sun and the eight major planets revolving around it
• B)gaseous and dusty space cloud (pre-cursor to a solar system)
• C)Milky Way galaxy
• D)outermost portion of the Earth composed largely of the igneous rocks basalt and granite
• E)contains minerals rich in iron and magnesium, between the crust and the core, and has the second largest volume according to the chemical classification
• F)solar winds
• G)composed mostly of iron and nickel with a liquefied metallic outer layer

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Definitions:

Production Possibilities

A graphical representation that shows the maximum number of goods or services that can be produced with a given set of resources and technology.

Law Of Comparative Advantage

An economic principle that states countries should specialize in producing goods for which they have a lower opportunity cost of production relative to other countries, leading to increased economic efficiency and trade benefits.

Gain From Trade

The benefits that entities receive from exchanging goods, services, or resources with others, often leading to an increase in overall welfare.

Law Of Comparative Advantage

A principle in international trade that states countries should specialize in producing goods for which they have a lower opportunity cost than their trading partners.