BSocSc Bachelor of Social Science Study Guide 2026

Comparative advantage theory states that countries should specialize in producing goods and services for which they have a lower opportunity cost compared to other countries. Opportunity cost is what must be given up to produce one more unit of a good. By specializing and trading based on comparative advantage, global production and overall welfare can be maximized.

High latitudes refer to regions located far from the equator, closer to the Earth's poles. The subarctic climate zone is characterized by extremely long, cold winters and short, cool summers, which accurately describes the typical conditions found in these high-latitude areas. Tropical climates are found near the equator, while marine west coast and humid continental climates are generally found in mid-latitude regions.

The mean is calculated using every score, so extreme outliers pull it toward them; the median and mode are resistant to outliers.

Kahneman and Tversky found that the pain of losing a given amount is roughly twice as powerful as the pleasure of gaining the same amount.

Projection is the defense mechanism in which a person unconsciously attributes their own unwanted thoughts or feelings to someone else.

Factory pollution imposes costs on third parties (fishers) who are not part of the production transaction, making it a classic negative externality.