Financial Resources Are Also Known as _______________

question 12

Multiple Choice

Financial resources are also known as _______________.

• A) capital
• B) labor
• C) barter
• D) economics
• E) exchange

Explain the doctrine of contractual capacity.

Understand how the law enforces the keeping of promises through contract law.

Identify what constitutes consideration within a contract.

Recognize the role of paralegals in disputes involving contract and sales law.

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Definitions:

Quota

A government-imposed trade restriction that limits the number or monetary value of goods that can be imported or exported during a specific time frame.

Comparative Advantage

The capacity of a nation or company to manufacture a specific good or service with a lower opportunity cost compared to its rivals.

Absolute Advantage

The ability of an individual, company, or country to produce a good or service more efficiently than competitors with the same resources.

Production

Any good or service for which people are willing to pay.