That Each Individual Should Engage in Economic Activities in Which

question 1

Multiple Choice

That each individual should engage in economic activities in which he or she is relatively most efficient is an application of the concept of

• A)competition.
• B)absolute advantage.
• C)scarcity.
• D)comparative advantage.

---

Definitions:

Self-esteem

The subjective evaluation of one's own worth or value, often affecting confidence and mental health.

Excuses

Justifications or reasons given to explain why something was done or not done, often to avoid blame or responsibility.

Actor-observer Effect

The tendency to attribute one's own actions to external factors while attributing others' actions to their personality or disposition.

Unpredictable

Lacking a pattern or plan, not able to be predicted.