The Rise in Production of Products Such as Hybrid Gas-Electric

question 4

Multiple Choice

The rise in production of products such as hybrid gas-electric vehicles,phosphate-free detergents and high-efficiency light bulbs is indicative of the impact of which of the following macro-environmental force?

• A)ecological/natural environment
• B)technological environment
• C)regulatory environment
• D)economic environment

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Definitions:

Allocates Resources

the process of distributing available resources among various uses to achieve optimal outcomes or objectives.

Economic Freedom

The degree to which individuals and businesses can make economic decisions without government intervention.

Central Planning

A system where the government or a centralized authority makes all decisions about the production and distribution of goods and services.

Industry Output

The total production of goods and services by all firms in a particular industry over a specific time period.