The Belief That Complex Processes Must Be Explained in Terms

question 27

Multiple Choice

The belief that complex processes must be explained in terms of more elementary processes is known as

• A)atomism.
• B)elementarism.
• C)reductionism.
• D)basicalism.

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Definitions:

Supply-side Economics

An economic theory that argues reducing taxes and regulations for businesses and the wealthy will stimulate investment in the short term and benefit society at large in the long term.

Economic Recession

A period of significant decline in economic activity across the economy that lasts for months or years, marked by drops in GDP, income, employment, and trade.

Prosperity

A state of economic well-being and success, marked by financial stability, growth, and the abundance of goods and services.

Inflation

The speed at which overall prices for goods and services increase, resulting in a decline in the value of money.