The Values, Beliefs, Behaviour and Material Objects That Constitute a Person's

question 8

Multiple Choice

The values, beliefs, behaviour and material objects that constitute a person's life is defined as ______.

• A) norms
• B) culture
• C) moves
• D) folkways

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Definitions:

Long Run

The long run is a period in economics in which all factors of production and costs are variable, allowing for full adjustment to change.

Unemployment

Unemployment refers to the situation when individuals who are able and willing to work are not able to find employment.

Price Level

The mean of present prices for all goods and services produced within the economy.

Phillips Curve

An economic theory that proposes an inverse relationship between the rate of unemployment and the rate of inflation in an economy.