What Environmental Factors Are Concerned with the Changes in People's

question 139

Multiple Choice

What environmental factors are concerned with the changes in people's values, lifestyles, and family roles?

• A)social factors
• B)economic factors
• C)political factors
• D)demographic factors

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Definitions:

Trade

The activity of buying, selling, or exchanging goods and services between people, firms, or countries.

Comparative Advantage

The ability of a country or firm to produce a particular good or service at a lower opportunity cost than its trade partners.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision. It represents the benefits an individual, investor, or business misses out on when choosing one alternative over another.

Production Possibilities Frontier

A graphical representation showing the maximum quantity of two goods or services that an economy can produce when all resources are used efficiently.