During the ______ Stage, Institutions and Societal Values Become More

question 30

Multiple Choice

During the ______ stage, institutions and societal values become more oriented toward production and consumption, with individualism trumping traditional values and norms.

• A) Traditional
• B) Takeoff
• C) high mass-consumption
• D) drive to technological maturity

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Definitions:

Store Of Value

Anything that retains its purchasing power over time.

Double Coincidence

Double Coincidence is a term used in economics to describe a situation where two parties each hold an item the other wants, allowing for an exchange without the need for a common medium of trade, like money.

Barter System

An ancient method of exchange where goods and services are traded directly for other goods and services without using money.

Trade

The exchange of goods, services, or both between two or more parties, either within a country or across international borders.