HASS-economics 2

Question 1

interdependence

Answer 1

two way relationships where we rely or benefit from each other to satisfy needs and wants

Question 2

opportunity cost

Answer 2

loss of other alternatives when one alternative is chosen

Question 3

comparative advantage

Answer 3

an ability to produce something more efficiently then another

Question 4

specialisation

Answer 4

when an individual/country/company focuses on producing one thing and rely on others to produce everything else

Question 5

competitive advantage

Answer 5

when a business is able to outperform similar businesses in a market

Question 6

cost leadership

Answer 6

producing and offering g+s at the lowest price for consumers

Question 7

product differentiation

Answer 7

providing a good or service that is different or distinct from others

Question 8

marketing

Answer 8

activities that convey the value of a good or service

Question 9

Corporate social responsibility (CSR)

Answer 9

activities a business engages look beyond profits for share- holders demonstrates rare for environment an broader community

Question 10

innovation

Answer 10

a new idea or more efficient product that makes it better than others