Inherent in the Concept of Economic Development Is the Belief

question 33

True/False

Inherent in the concept of economic development is the belief that developing the economy of a state or community enhances the quality of life for its citizens and generates more revenues for the government.

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Definitions:

Complements In Production

Goods that are produced together or their production levels are directly linked; an increase in the production of one leads to an increase in the production of the other.

Substitute Resources

Alternative inputs or resources that can be used in place of another in the production process.

MRP

Material Requirements Planning (MRP) is a production planning, scheduling, and inventory control system used to manage manufacturing processes.

Wage Rate

The amount of money paid to an employee per unit of time, such as hourly or yearly.