INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 94

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select
-The term condominium/townhome refers to a type of [architecture | ownership].

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the

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Definitions:

Economics

The efficient allocation of the scarce means of production toward the satisfaction of human wants.

Input

Resources used in the production process, including labor, materials, machinery, and other factors of production.

Demand

The volume of goods or services that individuals are prepared and financially able to acquire at varying price points during a certain time span.

Perfectly Competitive Labor Market

A theoretical market where numerous employers and employees interact, with no single entity able to influence wages or working conditions.