A Required Element for Specialization to Lead to an Increase

question 74

Multiple Choice

A required element for specialization to lead to an increase in the satisfaction of society's wants is:

• A) A capitalist economy
• B) Exchange and trade
• C) The use of money
• D) A central plan

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Definitions:

Course of Performance

An interpretation principle in contract law considering the conduct between parties in the execution of their duties under the contract.

Course of Dealing

A legal term referring to the previous conduct between parties in a contract that establishes a common basis for their understanding.

Perfect Tender Rule

A legal principle stating that a seller must deliver goods in accordance with the contract terms in every detail for the buyer to accept them.

Material Requirements

Specific essential resources or inputs needed for a project, production, or manufacturing process.