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Which Term Is Used to Describe the Process of Learning

question 82

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Which term is used to describe the process of learning how to make incremental improvements in existing products, services, or processes?


Definitions:

Price Index

A measurement that shows how the average price level of a selected set of goods and services has changed over time.

Vertical Axis

The y-axis in a graph or chart, which is typically used to represent the range of one of the variables in the data.

Phillips Curve

An economic theory that suggests an inverse relationship between the rate of inflation and the unemployment rate.

Aggregate Demand

The overall requirement for products and services in an economic setting, identified at a specific price level and time period.

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