Nature Is to Nurture as ________ Is to _________

question 86

Multiple Choice

Nature is to nurture as ________ is to _________.

• A) behavior;mental processes
• B) psychology;psychiatry
• C) biology;experience
• D) reason;emotion

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Definitions:

Positive Externality

A benefit obtained without compensation by third parties from the production or consumption of sellers or buyers. Example: A beekeeper benefits when a neighboring farmer plants clover. Also known as an external benefit or a spillover benefit.

Spillover Benefit

A positive effect experienced by bystanders or other parties not directly involved in the production or consumption of a good or service.

External Costs

Costs incurred by a third party as a result of an economic transaction that are not reflected in the transaction's price.

Product Differentiation

A strategy in which one firm’s product is distinguished from competing products by means of its design, related services, quality, location, or other attributes (except price).