________ Refer to an Elementary Description of Things, Events, Activities

question 64

Multiple Choice

________ refer to an elementary description of things, events, activities, and transactions that are recorded, classified, and stored but are not organized to convey any specific meaning.

• A) Data
• B) Information
• C) Knowledge
• D) Wisdom

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting its sensitivity to price changes.

Price Increase

A rise in the cost of goods or services over time, which can affect purchasing power and economic dynamics.

Unit Elasticity

A situation in economics where the percentage change in quantity demanded or supplied is equal to the percentage change in price.