Applying Economics to World History Answers

2 verified answers

What is opportunity cost?

the limited availability of goods or services

a benefit lost when choosing between two options

the resources used to produce finished goods or services

a system of directly exchanging goods or services for other goods or services

What concepts were developed in the ancient world to make sure trade was fair?

scarcity and surplus

supply and demand

standard measures and weights

traditional and command economies

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