Knowledge Areas of the Project Management Body of Knowledge (PMBOK^®)

question 26

True/False

Knowledge areas of the Project Management Body of Knowledge (PMBOK^®) Guide refer to the factors in a project that need to be managed throughout the life of the project.

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Definitions:

Recession

A period of economic decline across an economy lasting more than a few months, typically visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

Demand

Refers to the desire and willingness of consumers to purchase goods and services at different prices.

Income Elasticity of Demand

An indicator of the variation in the demand for a product as a result of changes in the income levels of consumers.

Normal Good

A good for which demand increases when consumer income rises, and decreases when consumer income falls.