What Are the Moral Principles and Values That Govern the Actions

question 149

Multiple Choice

What are the moral principles and values that govern the actions and decisions of an individual or group called?

• A)ethics
• B)social responsibilities
• C)modes of behaviour
• D)legal codes

Understand the definition and significance of economic theories, principles, and generalizations.

Grasp the concept of "other things equal" and its importance in economic analysis.

Recognize the purposeful nature of economic decisions.

Differentiate between microeconomics and macroeconomics and their respective fields of study.

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Definitions:

Comparative Advantage

The ability of an individual, firm, or country to produce a certain good or service at a lower opportunity cost than other producers.

International Trade

The exchange of goods, services, and capital between countries and territories, allowing for greater variety of consumption and efficiencies in production.

Productive

Refers to the ability of an individual, company, or economy to produce goods or services efficiently and effectively.

Tariff Revenue

Income generated by the government through the imposition of taxes on imported goods.