An Economic Principle That Explains Why People Pursue Different Occupations

question 32

Multiple Choice

An economic principle that explains why people pursue different occupations is

• A)absolute advantage.
• B)international trade.
• C)comparative advantage.
• D)NAFTA.

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Definitions:

Intangible Assets

Non-physical assets such as patents, trademarks, and goodwill that have value to a business.

Balance Sheet

A financial document that outlines the resources, obligations, and shareholder equity of a company at a given point, showing its economic condition.

Capital

Financial assets or the financial value of assets, such as cash and goods, used by a business to generate income.

Stockholders

People or organizations holding one or more shares in a corporation, thereby having partial ownership of the business.