A Device for Determining What Is Happening in a Process

question 96

Short Answer

A device for determining what is happening in a process being controlled is referred to as a(n)____________________.

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Definitions:

Savings

The portion of income not spent on consumption, often set aside for future use or investment.

Equilibrium

A condition where the supply and demand in the market are in equilibrium, leading to stable prices.

Full Employment

A situation in an economy where all individuals who are willing and able to work at current wage levels are employed, with minimal levels of unemployment.

Keynes

John Maynard Keynes was a British economist whose ideas fundamentally affected the theory and practice of modern macroeconomics and the economic policies of governments.