Justin Builds Fences for a Living

question 50

Multiple Choice

Justin builds fences for a living.Justin's out-of-pocket expenses (for wood,paint,etc. ) plus the value that he places on his own time amount to his

• A)producer surplus.
• B)producer deficit.
• C)cost of building fences.
• D)profit.

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Definitions:

Labor

Human effort, either physical or mental, used in the production of goods and services.

Core Countries

Nations, usually industrialized, that dominate the global economic system through wealth, diverse production, and strong government institutions.

World Systems Theory

A macro-sociological perspective that analyzes societies in terms of the global economic system, dividing the world into core, periphery, and semi-periphery zones.

Peripheral Countries

Nations that are less developed than the semi-periphery and core countries, often exploited for their resources by more economically dominant nations.