Social Studies 7-12 PACT Questions and Answers Rated A+

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Free Trade ✔✔the ability for one country to trade with another without hindrance so that all goods can be produced with the greatest efficiency Sole Proprietorships ✔✔a business where a si... ngle person acts as the owner and operator of the business with no distinction between the person and the business Comparative Advantage ✔✔the ability to produce a good at a lower opportunity cost than another producer Market ✔✔a space in which goods are exchanged Perceived Value ✔✔how desirable a product is to the consumer Law of Demand ✔✔as the price of a good increases, the less quantity of the good will be demanded [Show More]

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