When Used by Sociologists, the Term "Wealth" Refers to ________

question 95

Multiple Choice

When used by sociologists, the term "wealth" refers to ________.

• A) the property that a person owns
• B) the income made from a person's occupation
• C) the property owned and the income acquired minus debts made by the person
• D) the income after state and federal taxes have been withheld

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Definitions:

Quantity

The amount or number of units of a product, good, or service available or demanded in a market.

Fixed Input(s)

Factors of production, such as land or machinery, that cannot be adjusted in the short term.

Short Run

A time period during which at least one input is fixed and cannot be adjusted by a firm.

Diseconomies Of Scale

Occur when a company grows so large that the costs per unit increase. It is the opposite of economies of scale.