Exchange Is Necessary in an Economy If

question 23

Multiple Choice

Exchange is necessary in an economy if:

• A)output is to be produced.
• B)output is to be consumed.
• C)individuals are self-sufficient.
• D)families are self-sufficient.
• E)labor is specialized.

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Definitions:

Market for Hamburgers

This refers to the economic market in which buyers and sellers engage in the trade of hamburgers, influenced by factors such as price, demand, and competition.

Scientific Management

One of the earliest approaches to management, was concerned with structuring individual jobs to maximize efficiency and productivity.

Assembly-Line Production

A manufacturing process in which parts are added to a product in a sequential manner to create a finished product quicker and more efficiently.

Unemployment Rates

The percentage of the labor force that is jobless and actively looking for employment.