Currently, Manufacturing Accounts for Only Around 70% of U

question 34

True/False

Currently, manufacturing accounts for only around 70% of U.S. GDP.

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Definitions:

Opportunity Costs

The cost of forgoing the next best alternative when making a decision or choosing between options.

Diminishing Marginal Utility

The principle that as a consumer consumes more of a good or service, the additional satisfaction gained from each additional unit decreases.

Command Systems

Economic systems where the government or a central authority makes all decisions about what goods and services are produced, how they are produced, and who gets them.

Pure Capitalism

An economic system characterized by private property rights and the market allocating resources with little government intervention.