In Order to Acquire More of a Good We Must

question 127

Multiple Choice

In order to acquire more of a good we must sacrifice production of another good (because resources are in limited supply) .This illustrates the concept of:

• A)exchange.
• B)ceteris paribus.
• C)opportunity cost.
• D)specialization.
• E)the division of labor.

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Definitions:

Middle Passage

The sea voyage that transported enslaved Africans across the Atlantic Ocean to the Americas as part of the triangular trade.

Slave Labor

A form of forced labor where individuals are owned by others, deprived of personal freedom, and compelled to perform work or services without consent.

Emerging Society

A society that is in the process of significant social, economic, or political change.

Free Colonial British America

The period in the history of the British colonies in North America characterized by a degree of self-governance and economic freedom from Britain.