drag each label to the correct location. not all labels will be used. match the correct economic term with…
drag each label to the correct location. not all labels will be used. match the correct economic term with each scenario. absolute advantage currency appreciation currency depreciation outsourcing specialization comparative advantage a country or an individual concentrates all its productive efficiency on producing limited goods. lisa can produce more pens than tim with the same number of inputs. one unit of a currency buys more units of another currency than it did previously. a company contracts with another company to design its website.
Answer
Brief Explanations:
- When a country or individual focuses on producing limited goods with all - productive efficiency, it is specialization. Specialization means concentrating on the production of a particular good or service.
- If Lisa can produce more pens than Tim with the same number of inputs, she has an absolute advantage. Absolute advantage refers to the ability to produce more of a good or service with the same amount of resources.
- When one unit of a currency can buy more units of another currency than before, it is currency appreciation. Currency appreciation means an increase in the value of a currency relative to other currencies.
- When a company contracts with another company to design its website, it is outsourcing. Outsourcing is the practice of obtaining goods or services from an outside source.
Answer:
- specialization
- absolute advantage
- currency appreciation
- outsourcing