What Is Economic Determinism

question 23

Multiple Choice

What is economic determinism?

• A) It is the idea that economics is determined by politics.
• B) Economics drives political behavior and political outcomes.
• C) It suggests that class is more important than wealth.
• D) The owners of capital are known collectively as the bourgeoisie, and the workers are known as the proletariat.

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Definitions:

Labor

The effort by individuals to produce goods or services in exchange for wages or salary.

Wages

Payments made by employers to employees for their labor, typically calculated on an hourly, daily, or piecework basis.

Marginal Revenue Product

The additional revenue produced by adding one more unit of a specific input (like labor), assuming other inputs remain constant.

Perfect Competitor

A hypothetical market scenario where numerous small firms compete against each other, and none of them can influence the market price.