Goods and Services That Cannot Be Readily Provided by Markets

question 54

Multiple Choice

Goods and services that cannot be readily provided by markets are called __________.

• A)consumer goods
• B)public goods
• C)market goods
• D)social goods

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Definitions:

Comparative Advantage

The knack of entities, whether they are people, companies, or countries, to bring forth goods or services at opportunity costs that undercut those of competitors.

Opportunity Costs

Opportunity Costs represent the benefits that are foregone by choosing one option over an alternative one.

Specialization

The focus by an individual, firm, or country on producing a limited range of goods or services, often to improve efficiency and productivity.