Tell Whether the Statement $\frac { 14 } { 10 }$

question 30

Short Answer

Tell whether the statement $\frac { 14 } { 10 }$ > $\frac { 49 } { 36 }$ is a proportion.

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Definitions:

Real Income

Income measured in terms of the goods and services it can buy; real income changes when the price changes.

Law of Demand

A principle stating that, all else being equal, as the price of a good or service decreases, consumer demand for it will increase, and vice versa.

Price

The amount of money required to purchase a good or service, determined by various market and economic factors.

Scarce Resources

Essential inputs that are available in limited quantities for the production of goods and services, leading to the problem of allocation.