Define Prices of All Other Goods in Terms of Money

question 51

Multiple Choice

Define prices of all other goods in terms of money serves as

• A)unit of account.
• B)medium of exchange.
• C)store of value
• D)barter.

---

Definitions:

Gains from Specialization

The increase in overall production and efficiency that occurs when individuals or entities focus on specific tasks or functions they perform best.

Comparative Advantage

The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors.

World Economic Resources

It refers to all natural, human, and capital resources that are available globally which support economic production and development.

Net Exporter

A country that exports more goods and services than it imports, leading to a positive trade balance.