Which of the following is a key question that must be addressed by an economy?
A) What will be made with our resources?
B) How much will we spend producing products?
C) Where will we produce our products?
D) When should we produce our products?
Question 2
The process of making the best of our limited resources by doing the things we are best at and hiring other people to do the things we are not particularly good at is called
A) absolute advantage.
B) comparative advantage.
C) specialization.
D) protectionism.
