What Do We Call the Organization of Society into a Hierarchical

question 124

Multiple Choice

What do we call the organization of society into a hierarchical structure?

• A) human capital
• B) economic inequality
• C) bureaucracy
• D) social stratification

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Definitions:

Law of Demand

The economic principle that there is an inverse relationship between the price of a good or service and the quantity demanded, assuming other factors are constant.

Price

The total of money envisaged, necessitated, or expended as a payment for something.

Quantity Supplied

The total amount of a specific good or service that producers are willing and able to sell at a given price over a certain period of time.

Resource Costs

The total expenses incurred in the production and acquisition of resources, including raw materials, labor, and capital.