The Hierarchical Ranking of People Who Have Different Access to Valued

question 94

Multiple Choice

The hierarchical ranking of people who have different access to valued resources is referred to as

• A) social networking.
• B) the division of society.
• C) dependency.
• D) social stratification.
• E) inequality.

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Definitions:

Economic Profit

The difference between total revenue and total costs, including both explicit and opportunity costs, indicating true profitability.

Explicit Costs

Direct payments made to others in the course of running a business, such as wage, rent, and materials.

Production Costs

The total expense incurred in manufacturing a product or providing a service, including raw materials, labor, and overhead costs.

Accounting Profit

The total revenue of a business minus its explicit costs, not including opportunity costs.