Complete the Following Sentence by Choosing the Appropriate Phrase for Each

question 25

Short Answer

Complete the following sentence by choosing the appropriate phrase for each gap.
The 20th century political economist, Friedrich von Hayek first used the term ______ to refer to the kind of specialised local knowledge that an entrepreneur might use from day to day in order to secure a profit. Hayek contrasted this with the ______ used in economics; an example of this would be the correlation between R&D spillovers and economic growth, which has no immediate practical implications for entrepreneurial practice.

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Definitions:

Divide

To perform division, which is one of the four basic operations in mathematics, separating something into equal parts or groups.

Monetary Products

Financial products and instruments that are used for saving, investing, or making transactions, such as currencies, stocks, bonds, and savings accounts.

Round Off

The process of adjusting numbers to their nearest value based on a specific unit of measure, simplifying calculations or representations.

Multiply

To increase or combine quantities by a specific factor or number, resulting in a total that is the product of the factors.