A Researcher Is Examining the Following Items to Understand Life

question 31

Multiple Choice

A researcher is examining the following items to understand life at a specific community in the past: journal entries, ship manifests, records from religious archives, suits of armor. The major method of data collection used here is called:

• A) Secondary or existing data
• B) Personal documents
• C) Official documents
• D) Physical data

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Definitions:

Economic Profits

Profits earned by a business after accounting for both explicit costs (like wages and rents) and implicit costs (such as opportunity costs).

Creative Destruction

A concept in economics attributed to Joseph Schumpeter, describing the process by which old industries or technologies are destroyed and replaced by new ones.

Dominant Firms

Companies that have a major share of the market sales, influence, or both, enabling them to set prices within the industry.

Planned Economies

Economic systems where government agencies centrally plan and direct all major economic activities, assigning resources and determining outputs with the aim of achieving specific goals.