Something of Value That Is Exchanged as Part of an Agreement

question 29

Multiple Choice

Something of value that is exchanged as part of an agreement is called

• A) mutual assent.
• B) consideration.
• C) capacity.
• D) legal purpose.

---

Definitions:

Society's Scarce Resources

Resources that are limited in availability and are important for the production of goods and services, leading to allocation decisions.

New Products

Items that represent significant innovations or improvements over existing products, introduced into the market.

Creative Destruction

A concept in economics that suggests economic innovation and progress often involves the dismantling of existing structures or industries to make way for new ones.

Digital Cameras

are electronic devices that capture and store photographs in digital form, allowing for immediate viewing, manipulation, and sharing.