Social Studies 7-12 PACT Questions with complete solution 2023/2024

Social Studies 7-12 PACT Questions with complete solution 2023/2024Free Trade - correct answer the ability for one country to trade with another without hindrance so that all goods can be produced with the greatest efficiency Sole Proprietorships - correct answer a business where a single person acts as the owner and operator of the business with no distinction between the person and the business Comparative Advantage - correct answer the ability to produce a good at a lower opportunity cost than another producer Market - correct answer a space in which goods are exchanged Perceived Value - correct answer how desirable a product is to the consumer Law of Demand - correct answer as the price of a good increases, the less quantity of the good will be demanded