Initially, All Human Societies Made Use of What Kind of Economy

question 11

Multiple Choice

Initially, all human societies made use of what kind of economy?

• A)Industrial
• B)Hunting and gathering
• C)Pastoralism
• D)Tribalist

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Definitions:

Carrying Cost Curve

A graphical representation showing the total cost of holding inventory over time.

Opportunity Cost Curve

A graphical representation that shows the trade-offs between two options, highlighting what is sacrificed when choosing one option over another.

Excess Capacity

A situation where a firm operates below its maximum production capacity, indicating it can increase output without incurring higher fixed costs.

Variable Costs

Expenses that change in proportion to the level of goods or services produced, such as materials and labor costs.