The Inability to Maintain an Average Standard of Living Is

question 50

Multiple Choice

The inability to maintain an average standard of living is called

• A)absolute poverty.
• B)basic poverty.
• C)extreme poverty.
• D)relative poverty.

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Definitions:

Savings Account

A deposit account held at a bank or other financial institution that provides principal security and a modest interest rate.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, indicating the efficiency with which a company utilizes its resources.

Explicit Costs

are direct, out-of-pocket payments for expenses incurred by a business or individual.

Revenues

The total income generated by a company or organization from its activities, before any expenses are subtracted.