Specialization Is a Way For

question 37

Multiple Choice

Specialization is a way for:

• A) individuals to make the best use of resources by devoting themselves to one primary productive activity.
• B) society to become wealthier while not using their resources.
• C) people to avoid having to trade.
• D) increasing one's opportunity cost for an activity.

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Definitions:

Required Reserves

The minimum amount of funds that a bank is required by regulation to hold in reserve against deposits made by customers.

Total Reserves

The amount of funds that a bank or financial institution has in its vault or with the central bank, available to meet any withdrawal or payment demands.

Debit Cards

Payment cards that deduct money directly from a consumer's checking account to pay for a purchase.

PIN Number

A personal identification number that securely authenticates a user's identity, often used in bank transactions.