Economic Choice and Competitive Behavior Are the Result of

question 120

Multiple Choice

Economic choice and competitive behavior are the result of

• A) basic human greed.
• B) poverty.
• C) private ownership of resources.
• D) scarcity.

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Definitions:

Two-Income Families

Households in which both partners are employed, contributing to the family's total income and economic status.

Consumer Confidence

A measure of how optimistic consumers are about the overall state of the economy and their own personal finances.

Recession

A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.

Direct Competition

A situation in which products that perform the same function compete against one another. Also called category competition or brand competition.