In Order to Achieve a Social Objective, Firms Use Low

question 47

True/False

In order to achieve a social objective, firms use low prices to enable people with low incomes to buy their product.

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Definitions:

Economic system

The organized way a society or nation allocates resources, produces goods and services, and distributes wealth among its members.

Technology

Anything that provides an artificial means to achieve a given end or result.

Industrialization

The transformation from agrarian-based economies to those dominated by industry and machine manufacturing, significantly altering societal structures and ways of life.

Economic system

The structured and organized way a society decides on the production, distribution, and consumption of goods and services.