How Did Robert Owen First Establish Himself

question 49

Multiple Choice

How did Robert Owen first establish himself?

• A) He founded a new sect of Christianity.
• B) He took Karl Marx's ideas and promoted communism.
• C) He founded a model factory village in Scotland.
• D) He worked for his father,who was serving in the U.S.Congress.
• E) He established a farming community in Massachusetts.

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Definitions:

Opportunity Cost

The forfeiting of possible gains that could be obtained from exploring other options, when one is chosen.

Absolute Advantage

The capacity for a nation, person, corporation, or area to manufacture a product or render a service at a more affordable per-unit expense than what any other party can achieve.

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than other entities, leading to specialized production and trade benefits.

Toy Cars

Small-scale replicas of automobiles, typically designed for play or collection.