Principles Of Economics(8th Edition) Chapter 1 Questions And Answers 100% Verified A+ Guaranteed

standard of living {Ans: impacted by productivity}Exports {Ans: goods produced domestically and sold abroad}Opportunity cost {Ans: what ever must be given up to obtain some item}business cycle {Ans: Fluctuations in economic activity, such as employment and production}property rights {Ans: the ability of an individual to own and exercise control over scarce resources}Equality {Ans: means that those benefits are distributions uniformly among society's members.}