Economic Concepts Quiz

A requirement arising out of necessity that is essential for an individual to exit or live a healthy life is a ______

A requirement arising out of desire, aspiration, or motivation of an individual is a ______

The center of all early civilizations where people lived, worked, and traded is ______

The practice of trading services and goods between 2 parties without using money is called ______

The extent to which a country is capable of generating more wealth than its competitors do in the world markets is known as ______

Considered the root cause of national per capita income. ______

An analytical tool for international managers to appraise a country’s competitive advantage in a particular field. ______

A system of values and norms that are shared among a group of people and that when taken together constitute a design for living. ______

The basic building block of social organization in many western countries. ______

Economist who promoted free trade by comparing nations to households and the proponent of the theory of absolute advantage. ______